For many of us, making our mortgage payment is the “main” bill we deal with and we want to throw some extra money towards our biggest payment. The good news is, it does help! Take a look here at how it benefits you.
Couple Key points:
- Consistent payments help lower your overall amount you pay on the mortgage.
- Putting a chunk of money down could help your financial profile.
- Pay attention to the amortization schedule (time to pay back the loan) because it may pay off in the long run.
Bottom line is your loan terms (amount you borrow, interest rate, & length of loan) have a very large impact on the bottom line with the largest investment you are going to have in your life. Make sure you surround yourself with someone that is going to go over these options for your new home loan.