Mortgage Pointers

• Make As Large A Down Payment As Possible!

The more money you pay up front, the less interest you will pay over the course of the mortgage.

• Shorten The Amortization Period As Much As Possible!

The amortization period is the number of years it would take to pay the mortgage right out, assuming interest rates and other variables do not change.  The longer the amortization, the more interest you pay.

• Increase The Frequency Of Your Mortgage Payments!

If you time your mortgage payments to your bi-weekly salary payments, you will decrease your interest costs.  Consider an automatic mortgage payment that comes out of your bank account the same day that your salary goes in.  It's the most efficient and therefore the least expensive way of paying your mortgage.

• Maximize The Use Of All Prepayment Clauses In Your Mortgage!

Most mortgages allow you to make prepayments at certain points over the term.  Make sure you are aware of these clauses and take advantage of them as much as possible.  Again, this will help decrease your total interest costs.