A red brick house and a white picket fence – long the American dream of many and in recent years more Americans have been buying their own dream in the form of their own home. Yet, for millions of us we don’t have a real good understanding of how our mortgage works completely and as a result don’t proactively manage it. There are numerous ways you can cut tens of thousands of your mortgage by taking a few simple steps during the life of your loan.
Have you ever sat down and thought about how much you could save off your mortgage if you paid a little extra every month? It doesn’t have to be much, maybe an extra $50 here, or an extra $100 there. In the early years of a mortgage most of your payment is going to pay off the interest on the loan. Every extra dollar you can put towards the principal will have a ripple effect through the entire life of the loan by reducing the total amount of interest you pay.
But wait, it gets even better! Suppose you find that you can send in a whole extra payment – you are basically now turning your fixed payment, say $600, into an investment tool. That extra payment is going to go against your...
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