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Thomas Skiffington,  CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
Thomas Skiffington, CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
701 W. Market Street
Perkasie, PA 18944
Phone: 215-453-7883
Office Phone: 215-453-7653
Toll Free: 800-440-remax
Fax: 267-354-6800
email: tom@tomskiffington.com
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Q: What Are the Benefits of Prepaying My Mortgage?

November 22, 2013 6:39 pm

A: You get to save thousands of dollars and shave years off the life of your loan because the additional payments made toward your monthly principal basically constitutes a partial prepayment of your mortgage.

Each mortgage has specific terms describing how and when prepayment may occur.  Some lenders impose a penalty if you repay the loan too soon.

The total savings potential also will depend on how long you plan to live in your home.  If you expect to move in the near future, do not expect to reap savings as large as those gained by people who pay ahead of schedule until they own their home free and clear.  

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