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What Does Paying Extra On A Mortgage Loan Do? | mortgagepoints  

Loan With Jen
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17 авг 2024

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Комментарии : 36   
@williamsmith3331
@williamsmith3331 2 года назад
With your first example, my goal now is to check my amortization schedule and aggressively pay down the balance to where my normal payment pays more to principal than interest. Then I'll switch over to retirement investing.
@LoanWithJen
@LoanWithJen 2 года назад
William - sounds good! Paying extra in the beginning of the amortization goes a long way! Just be sure to make that payment of extra - separate- from your normal payment. And tell lender its to PRINCIPAL. Be sure on your next statement they don’t accidentally apply to escrow or something. FYI
@sabrinaboston9289
@sabrinaboston9289 Год назад
​@@LoanWithJenshould you write 2 separate checks for this purpose? Also do you know how many years you can save on a 15yr loan with this process??
@aarong3362
@aarong3362 9 месяцев назад
This is the best explanation of how extra payments affect your mortgage that I found. Thanks a bunch!!
@LoanWithJen
@LoanWithJen 9 месяцев назад
Thank you Aaron for the comments!!!! Keep watching! :)
@camperanne8589
@camperanne8589 11 месяцев назад
Biggest impact on paying extra is at the beginning of the loan.
@LoanWithJen
@LoanWithJen 11 месяцев назад
YES!!!!!!!!!! You are correct! Thanks for watching
@aac993
@aac993 6 месяцев назад
Thanks for the honest straight forward information, and not trying to sell snake oil like some of the other youtubers who are clearly just out to take some of the pie.
@LoanWithJen
@LoanWithJen 6 месяцев назад
Thanks for taking the time to comment. Appreciate you! My goal is to educate everyone! I have done this a LONG time (28 years) and my passion is getting good , accurate info to people ! 😀
@elonmusk8667
@elonmusk8667 7 месяцев назад
Thanks Jen! Happy New Years!
@LoanWithJen
@LoanWithJen 7 месяцев назад
Happy new year! THanks for watching!
@acf894
@acf894 7 месяцев назад
I make 2 extra payments a year over the course of 12 months by paying additional principal only every month
@LoanWithJen
@LoanWithJen 7 месяцев назад
Great job!!!!
@michaelvanbuskirk8845
@michaelvanbuskirk8845 11 месяцев назад
One extra payment a year is not going to knock a 30 year loan down to 21 years. It will take about 4-5 years off the loan.
@LoanWithJen
@LoanWithJen 11 месяцев назад
if you pay it biweekly, then it will knock to 21, If you just pay 1 time a year, extra, will not knock down as much, that is true.
@seleniacadillo9868
@seleniacadillo9868 2 месяца назад
Thank you ❤
@tammydmilledge336
@tammydmilledge336 Год назад
How/where do you get an amortization schedule this video is great
@LoanWithJen
@LoanWithJen Год назад
Hi Tammy! Thank you so much. YOu can find them online by just doing a search. Many sites have them. if you need further help lmk!
@Klagnar
@Klagnar Год назад
Thank you for the explanation! :)
@LoanWithJen
@LoanWithJen Год назад
Thanks for watching Akyuna!
@ahmadmasihsaeedi7016
@ahmadmasihsaeedi7016 5 месяцев назад
Thanks for info.
@LoanWithJen
@LoanWithJen 4 месяца назад
THank you for watching!
@MortgageFreeJourney
@MortgageFreeJourney Год назад
Beautiful thumbnail
@lawrencesanchez8904
@lawrencesanchez8904 11 месяцев назад
What if you just want to get 3 months ahead so if you loose your job. You won't have to pay for 3 months. Like if there was another lock down and your not an essential worker. How would you go about doing that?
@LoanWithJen
@LoanWithJen 11 месяцев назад
Before you do this you MUST call them. Lenders usually think that advance payments are you paying extra. YOu are responsible to pay each month, on the 1st (to the 15th). If I were you, just keep the money put aside on your own in savings, same result. That way it lessens the chance of error and mis application
@neptunedawn7121
@neptunedawn7121 4 месяца назад
L😊​@@LoanWithJen
@user-dd6wv4vp4x
@user-dd6wv4vp4x Год назад
Very nice!
@LoanWithJen
@LoanWithJen Год назад
Thanks for the watching!
@enochnanakwesigregg5329
@enochnanakwesigregg5329 Год назад
What if you make 2 extra payments instead of 1 extra payment? How many years do you cut off? Thanks
@LoanWithJen
@LoanWithJen Год назад
Hi Enoch! I know paying 1 xtra per year takes off about 7-8 years, so two should be double that. I have a free digest you can put your address into, and lets you play around with mortgage payments/payoff etc! hmbt.co/2zpP06L
@jenniferreid7652
@jenniferreid7652 5 месяцев назад
I have a dumb question. To clarify the example of making one extra principal only payment a year, you're saying that the one extra payment reduces the loan from 30 years to 21 years? So wgat happens when you make an extra payment a second year in a row? Does that cut the loan down a number of years too?
@LoanWithJen
@LoanWithJen 5 месяцев назад
Never a dumb question! The comment I made assumes 1 extra pmt every year, for 21 years( because then it would be paid off)
@Nickywigs
@Nickywigs Год назад
Thank you
@LoanWithJen
@LoanWithJen Год назад
Welcome!
@CleavionWright
@CleavionWright Год назад
Hello, Question... sorry im new at this and a soon to be first time home buyer. is it best to pay two separate payment (one of mortgage of course) and pay the extra payment for principle? or can you add the extra amount with the total mortgage and let the bank/lender know the extra is for principle?
@LoanWithJen
@LoanWithJen Год назад
Hi Mr. Wright!!! this is an excellent question! Depends how you are paying. If you are doing a check , physical in the mail, 2 separate checks for sure. Less chance of input error. be sure in the memo you put ' PRINCIPAL'. If you pay on line, it lets you click' extra payment' and identify where it goes. I hope this helps!
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