One of the recurring questions KSI Realty New York Inc. receives most often from buyers who use a loan, is how to better manage their house or car payment to avoid living the rest of their lives in debt? We outreached to our network of mortgage brokers and learned that by making additional principal contributions to a fixed rate mortgage, you can effectively shorten the term and save tens of thousands in interests. All you need is a plan and a little discipline.
If a person were to make an additional $100 payment each month applied to principal on a $175,000 mortgage, it would shorten the loan by five years and six months. If the same person were to make $200 a month additional payment, it would shorten the loan by 9 years. $459 additional payment would shorten it to 15 years.
Remember that not all Real Estate Brokers are born equal and that to ensure your transaction is a success, you can rely on our expert team of professionals. Don't hesitate to contact us for your private and free one on one consultation!