Are Extra Mortgage Payments Smart When Your Interest Rate Is Low? » Mortgage Masters Group

How Advantageous Is Making an Extra Mortgage Payment? You can turn your 30-year loan into a 28-year loan with one early principal payment. home image by Greg Pickens from

Fed up with the latest round of rate. extra cost of borrowing from the Big Four has reached well over $100,000. The average mortgage holder who stays put will pay a $115,925, what I call, lax tax.

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I asked my colleague Raul Alvarez, a loan officer with Paramount Residential Mortgage Group, who informed me that a drop from 4.6% to a 3.56% on a $250,000 30-year loan would lower the monthly payment.

Interest is the fee your lender charges you for borrowing money at a predetermined rate known as your interest rate.Usually, shorter-term mortgages have lower interest rates, but your monthly payments are higher. That’s why it’s always better to pay off a mortgage in a shorter period of time instead of a longer period at a higher interest rate.

Historically Low Rates Make This a Prime Time to Refinance. Over the past five decades, 30-year fixed-rate mortgages have reached highs of 18.63%, in 1981, and lows of 3.31%, in 2012.

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Step 2: Rank your debt by interest rate. Make a list of all your debt with amounts and the interest rate. The highest interest rate should be at the top as this is what you’ll pay off first. Paying off your high interest debt is the key to the Stack Method and paying off debt as fast as possible.

If your mortgage has a low interest rate, consider investing some of your additional payments in a mutual fund or stocks that pay a higher rate of return. For example, if your mortgage charges 6 percent interest and a mutual fund will return 9 percent, you could gain 3 percent by investing in the mutual fund.

What it Won’t Do. Although making a large payment on your mortgage does cut the interest you’ll pay, it won’t decrease your interest rate. That will stay the same on any fixed rate mortgage.

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