Since interest is charged on the outstanding balance of your loan, you can reduce the total interest you pay by using the following tips:
1. Pay your mortgage early whenever you can.
2. Make additional principal payments. Even small amounts will add up over time and reduce the interest you pay.
3. Don't pay your mortgage late. The late fee assessed is larger than the amount you would pay to overnight your payment to the Mortgage Company. A 5% penalty on a loan payment of $1,000.00 would cost you $50.00. You can overnight the payment, save dollars and your credit rating.
4. A mortgage calculator can help you determine how much additional to pay based on the length of time you wish to reduce from your loan. I hope you have found this information useful. I plan to offer a free loan calculator for my friends and readers.
More to come. Visit http://mortgagefinancinginfosite.com for more articles.
Reprinted from: http://www.ValuableContent.com
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