Mortgage Payment Tips

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Mortgage payment can be manipulated to the homeowner's favor, as using a biweekly payment program can cut a 30-year loan down to 23 years, saving seven years worth of interest. Make an extra loan payment whenever possible with tips from a mortgage broker in this free video on mortgage loans.

Part of the Video Series: Mortgage Tips & Information
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Video Transcript

Hi this is Matt McKillen with Innovative Financial Group. The question was posed to me what are good mortgage payment tips for your loan? I've come up with a couple answers to that question. Some people would like to know how to pay their mortgage off early for example and how to manipulate their payment to do so. You may of heard of like a biweekly payment program where you make a half of payment on your loan every two weeks. In essence if you can set your loan up that type of repayment schedule, you can take a 30 year mortgage for example and knock the repayment down to only 23 and a half years. That's 7 and a half years of interest savings. The secret to the biweekly program is you don't actually have to make a payment every two weeks. All you have to do in essence is make one extra payment on your loan per year. And you can take that extra payment, divide it into 12 monthly payments, you could make a half of payment every 6 months or you can just take that one extra payment maybe when you get a bonus in your paycheck or your tax refund in April, you may just want to make that extra payment at that time. But again that's a really good tip to how to make your mortgage payment work for you to pay your loan off sooner. Again my name is Matt McKillen, I'm with Innovative Financial Group.


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