What Does Paying Extra On A Mortgage Loan Do? | mortgagepoints
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- เผยแพร่เมื่อ 8 ก.ค. 2021
- What Does Paying Extra On A Mortgage Loan Do? | mortgagepoints #mortgageloan
So before I start, I highly recommend you watch the whole video first, for there’s vital
information in there that you must know.
Outside of this, I also advise you to go and look for an amortization calculator, these can
come in handy, and although I don’t have a particular one I can recommend, as long as
it can be trusted, you should be fine.
And the last tip is if you plan on setting up biweekly payments in order to get ahead of
the game, you will be charged with a three to five dollar fee every payment since this is
done through a 3rd Party company and not something negotiated between the lender.
And that’s about it! Oh and one more thing while you’re down here, go ahead and hit
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changes or modifications that there will be on forbearances and other changes related
to COVID-19. My goal is to help you understand how to obtain mortgage(s) to help grow
your portfolio!
Also check out our playlists that feature various topics about homebuyer’s tips that will
help you grow both as a homeowner and on a consumer/producer level. If you’re
seeking more information on specific topics that follow, check out our specific playlists
that follow up on topics like, Down Payments, Interest Rates, and more!
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videos or contact me and my team anytime at www.loanwithjen.com Equal Housing
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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With your first example, my goal now is to check my amortization schedule and aggressively pay down the balance to where my normal payment pays more to principal than interest. Then I'll switch over to retirement investing.
William - sounds good! Paying extra in the beginning of the amortization goes a long way! Just be sure to make that payment of extra - separate- from your normal payment. And tell lender its to PRINCIPAL. Be sure on your next statement they don’t accidentally apply to escrow or something. FYI
@@LoanWithJenshould you write 2 separate checks for this purpose? Also do you know how many years you can save on a 15yr loan with this process??
Biggest impact on paying extra is at the beginning of the loan.
YES!!!!!!!!!! You are correct! Thanks for watching
This is the best explanation of how extra payments affect your mortgage that I found. Thanks a bunch!!
Thank you Aaron for the comments!!!! Keep watching! :)
Thanks for the honest straight forward information, and not trying to sell snake oil like some of the other youtubers who are clearly just out to take some of the pie.
Thanks for taking the time to comment. Appreciate you! My goal is to educate everyone! I have done this a LONG time (28 years) and my passion is getting good , accurate info to people ! 😀
I make 2 extra payments a year over the course of 12 months by paying additional principal only every month
Great job!!!!
Thanks Jen! Happy New Years!
Happy new year! THanks for watching!
Thank you ❤
Thank you for the explanation! :)
Thanks for watching Akyuna!
Thanks for info.
THank you for watching!
Thank you
Welcome!
Very nice!
Thanks for the watching!
Hello, Question... sorry im new at this and a soon to be first time home buyer.
is it best to pay two separate payment (one of mortgage of course) and pay the extra payment for principle? or can you add the extra amount with the total mortgage and let the bank/lender know the extra is for principle?
Hi Mr. Wright!!! this is an excellent question! Depends how you are paying. If you are doing a check , physical in the mail, 2 separate checks for sure. Less chance of input error. be sure in the memo you put ' PRINCIPAL'. If you pay on line, it lets you click' extra payment' and identify where it goes. I hope this helps!
How/where do you get an amortization schedule this video is great
Hi Tammy! Thank you so much. YOu can find them online by just doing a search. Many sites have them. if you need further help lmk!
One extra payment a year is not going to knock a 30 year loan down to 21 years. It will take about 4-5 years off the loan.
if you pay it biweekly, then it will knock to 21, If you just pay 1 time a year, extra, will not knock down as much, that is true.
What if you make 2 extra payments instead of 1 extra payment? How many years do you cut off? Thanks
Hi Enoch! I know paying 1 xtra per year takes off about 7-8 years, so two should be double that. I have a free digest you can put your address into, and lets you play around with mortgage payments/payoff etc! hmbt.co/2zpP06L
I have a dumb question. To clarify the example of making one extra principal only payment a year, you're saying that the one extra payment reduces the loan from 30 years to 21 years? So wgat happens when you make an extra payment a second year in a row? Does that cut the loan down a number of years too?
Never a dumb question! The comment I made assumes 1 extra pmt every year, for 21 years( because then it would be paid off)
What if you just want to get 3 months ahead so if you loose your job. You won't have to pay for 3 months. Like if there was another lock down and your not an essential worker. How would you go about doing that?
Before you do this you MUST call them. Lenders usually think that advance payments are you paying extra. YOu are responsible to pay each month, on the 1st (to the 15th). If I were you, just keep the money put aside on your own in savings, same result. That way it lessens the chance of error and mis application
L😊@@LoanWithJen
Beautiful thumbnail