Bacon Shortens Mortgage Term
Applying extra dollars or “bacon” toward mortgage payments is an economical method to rid of one’s mortgage early. When closing on a home loan, most mortgage borrowers go into shock when they discover the total amount they will be paying to finance their home. There are several ways to shorten the mortgage term to save thousands.
Bi-Weekly Payments
Borrowers can use simply make use of the 52 weeks in a year to add an extra payment to the principal. A Bi-Weekly program has 26 opportunities to make payments to the bank using what adds up to a payment annually. The extra “bacon” applied annually as a payment will reduce a mortgage term by a little over six (6) years.
Homeowners can inquire with their lender about a bi-weekly payment program to save on their payments over the long run. The Bi-Weekly program is excellent for borrowers who want an easy to manage payment option. Continue reading
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