How to save big on your mortgage interest
Pay down your mortgage faster to save in interest A few extra dollars bi-weekly could make a big difference by Craig Wong, The Canadian Press Jun 24, 2016
Will Cut Amount. Paying a large lump sum toward the principal can save you thousands of dollars in interest just by making one large payment. According to Interest.com, making a one-time payment of $5,000 in your third year of a 30-year mortgage with an original loan amount of $250,000 will save you more than $14,000 over the term of the loan.
· Down Payment. As a general rule, you’ll need a minimum down payment of 20% of the purchase price of your home in order to get the best mortgage rates. Since mortgages are price adjusted based on risk factors, a loan with 5% down is considered higher risk than one with 20% down, and will carry a higher interest rate.
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Calculating Your Mortgage Overpayment Savings. Use the above mortgage over-payment calculator to determine your potential savings by making extra payments toward your mortgage. Put in any amount that you want, from $10 to $1,000, to find out what you can save over the life of your loan. The results can help you weigh your financial options to see if paying down your mortgage will have the most benefits.
· Mortgage points are a fee you can pay at the start of the mortgage to lower your interest rate for the duration of your fixed-rate mortgage. Each point costs 1% of your total loan amount. The interest rate reduction depends on the lender, but it is common to lower your interest rate by 0.25% in exchange for every point purchased.
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When you save interest on a mortgage by making extra payments, the equity savings in your home accrue each month. Extra payments allow you to build equity the moment the extra payment is made. You can then use the equity in your home through a refinance or upon the sale of your property.
If you’ve been paying close attention to the real estate market, you know that interest rates are rising-but that doesn’t mean you can’t save money on your mortgage. Paying a little extra and more often on your mortgage can wind up saving you thousands of dollars down the road.
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