A lot of us are always looking out to see where we can save money; whether it is saving money through groceries or bringing your own lunch to work, there is always something you can do to minimize your expenses.
What a lot of people tend to overlook is that their mortgage is a place where they can save the most.
Honestly, I am not a homeowner, and the amount of time I spend looking into mortgages and ways to save are at a minimum, but I could not refuse to look at what RateSuperMarket had to offer when they announced how you can save over $65,000 on your mortgage (a $300,000 mortgage) through their simple steps.
The Steps are the following:
Step 1: Shop before you sign with anyone
Take the time to go over what everyone has to offer before signing with anyone. A little of due diligence will take you a long way, especially when you are shopping around for mortgage rates.
Step 2: Adjust your payment schedule
You need to abandon the typical mortgage payment schedule and go for the bi-weekly rapid payments. By doing this you can save up to $19,887 in interest. Bi-weekly rapid payments allow you to pay half of your mortgage payment every other week, allowing you to make an extra mortgage payment each year.
Step 3: Make regular lump sum payments
If you are able to put down even $1,000 each year against your mortgage, you can pay yourself a total of $10,747 in interest. Now imagine what you can do with more than $1,000 each year.
By following these steps you are bound to save a lot of money on your mortgage, but in case you are doubtful, RateSuperMarket provided a great infographic examining how you can save on your mortgage: