Tom's Texas Realty

Reduce Your Loan and Save Money

Hey guys, today we are discussing how you can reduce your loan and save money. This simple tip can save you thousands of dollars over the lifetime of your loan. Watch the video to find out more!

Today’s Video:

“What’s up? I got a money tip for you today that will save you thousands of dollars. If you’ve got a home loan, if you’re buying a house, you’re setting up your home loan, let’s say that you’re paying $2,000 per month on principal, interest, mortgage, taxes, and all that kind of stuff. What you want to do is go to your lender, or if you’ve already got your loan, call your mortgage company and say, ‘Hey, instead of paying this monthly, I want to split this up and do it bi-weekly, at a thousand dollars a pop, every two weeks.’ What this is going to do, is it’s going to reduce your loan from a 30-year note to about a 22-24 year note, depending on how much property tax you have.  It will save you thousands of dollars over the lifetime of the loan. You’re used to paying a thousand bucks every two weeks, you’re not going to notice that you made one extra payment this year. There’s your money tip for the day. Take action.”

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