Get YEARS taken off the term of your mortgage loan!

Brevard County Real Estate Blog Post

Date Added: 6/15/2020

The average home loan is for 30 years, though there are 15 year loans available as well. Did you know that you will end up paying more in interest than you will in the actual principal during the life of your loan, sometimes as much as 2 or 3 times more? The way most loans are structured makes it so that you are primarily paying basically just the interest in your monthly payments for the first few years of the loan, and the final years is when you will be paying the principal. HOWEVER, if you make JUST ONE extra payment per year on a 30 year mortgage, you can take 9 YEARS off the term of your loan!