If you were going to get a 30-year fixed mortgage in Jacksonville Beach and want to figure out if you can pay it off quickly, maybe even early. The following tips will help ensure you can do this.
Ask About Principal-Only Payments
First, you have to find out if you can pay on the principal. Some companies may not offer this benefit, so you have to ask. This can help you pay off the loan faster because you will be reducing the length of the loan. It can also reduce the total interest you pay.
Now, Be Sure it Goes on the Principal
If you are going to do this, make sure the early payments go to the principal balance and not next month’s payment. At times, this money doesn’t go where it’s supposed to go. Don’t let that happen to you. Make it clear that early payments are going towards the principal balance.
One way to deal with extra payments is to offer bi-weekly payments. This is where you get to pay twice in a month instead of just once. You cut your 30-year fixed mortgage in Jacksonville Beach by a lot if you’re able to do this. Find out if this is allowed. Hopefully, you don’t have to pay additional fees for this.
The Mortgage Lady Team – Fairway Independent Mortgage Corp has been helping folks like you for a long time, so if you’re ready for your life to change, then visit themortgageladyteamfairway.com to find out how they can help you.