Homeowner's Guide to Prepaying Your Mortgage
Wondering what to do with that tax refund? It might just be an opportunity to save thousands of dollars in mortgage interest. In fact, a single one-time lump-sum prepayment in the early years of your mortgage can not only trim your costs, but it can carve years off your mortgage term.
Even adding as little as $10 per month to your current payment can save you thousands of dollars of interest. Before you start, though, you'll need to understand how and when to do so.
For a graphic example of how much money you can save, see this graph.
"Prepaying Your Mortgage," the latest booklet in HSH's "A Homeowner's Guide To" series, can help you understand how and when to prepay your mortgage to maximum benefit -- and when it's better not to. The 12-page booklet helps homeowners understand how to integrate their mortgage into a structured financial plan. "Prepaying Your Mortgage" is right for you if you've...
- wondered if you should invest the money in stocks, or prepay, instead;
- been considering whether to prepay or refinance;
- been solicited by a firm who claims that they'll make your payment every two weeks, claiming tens of thousands of dollars in savings;
- want to pay off your mortgage to meet a goal, like retirement;
- would like a lower monthly payment on your ARM;
- need to know how to calculate savings;
- and lots more.
If you're a homeowner, "A Homeowner's Guide to Prepaying Your Mortgage" is for you. The booklet is available for $4 (money orders only) from HSH Associates (address below).
This booklet is also available in combination with our Homebuyers Mortgage Kit for an additional price of $2.
If you prefer, you can send a money order (sorry, no personal checks) to this address:
51 Route 23 South
Riverdale, NJ 07457
Accredited media wishing to preview a copy should request a copy. Please include the name of your media outlet, your office address, and your e-mail address.
The booklets in the "A Homeowner's Guide To" series include:
- "A Homeowner's Guide To Home Equity Loans and Lines of Credit"
- "A Homeowner's Guide To Refinancing Your Mortgage"
- "A Homeowner's Guide To Prepaying Your Mortgage"
- "A Homeowner's Guide To Private Mortgage Insurance"
More help from HSH.com
Mortgage Rates Radar 08/23/2016: Mortgage rates show little movementHSH.com releases its latest Weekly Mortgage Rates Radar showing another period of virtually no change in popular mortgage rates in the seven-day period ending August 23, as financial markets are quiet as the summer winds toward its unofficial close. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
Metro area definitionsMetro area definitions for the 27 metropolitan areas in "The salary you must earn to buy a home in 27 metros"
The salary you must earn to buy a home in 27 metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your city.
Mortgage Rates Radar 08/16/2016: Mortgage rates in slight retreat againHSH.com releases its latest Weekly Mortgage Rates Radar showing a small dip in popular mortgage rates during the seven-day period ending August 16, as markets seem to be mostly stuck in neutral as of late. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
How to turn your home into a short-term rental