How to Save Money on Your Mortgage

Series Summary

Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Get real estate tips for buying and selling in this free video series featuring real estate agent Richard Blake. Blake gives instruction on how to save money on your mortgage, how to buy a house, how to buy a foreclosed home, how to sell a house, how to buy a vacation home, how to buy a condominium, how to buy rental property, how to prepare to sell your own home, how to downsize your home, how to become a real estate agent and how to get a Fannie Mae mortgage.

Video Transcript

"A home mortgage is the biggest on-going debt most people will ever face. I'm Richard with the Richard Blake Homes Team in Tampa, Florida. And I'm here to help save you big bucks on your mortgage. An easy way to decrease your mortgage amount to simply make one extra payment over the course of a year. You can do this by paying a little bit extra on each monthly mortgage payment. So for example if your were to have a twelve hundred dollar mortgage payment, just make a hundred dollars extra payment towards your principal monthly. A prime example would be if you have a hundred thousand dollar mortgage or a hundred thousand dollar loan at a six percent interest rate and a thirty year mortgage. If you were to just pay fifty dollars extra each month towards your principal, that's going to take off six years of your loan term. As well as save you twenty five thousand dollars over the course of the loan. That's quite a big savings. Something to consider, you just want to make sure that if you do, do that when you make the payment, make sure that your loan or your bank is aware that you want the extra fifty dollars to go towards your principal. The more, if you can do more than fifty dollars that's great, it shaves off, you know, it reduces your time even more. And again it will save you, save you from spending a lot more extra on your interest rate. OK? I'm Richard Blake with the Richard Blake Homes Team in Tampa, Florida and I hope that this helped you save some money on your mortgage. Thank you and have a great evening."