The most common loan that helps you save is to have a fifteen year mortgage, rather than the traditional thirty year mortgage. By cutting the time in half on the mortgage, you save substantial amounts on the interest over the life of the loan.
However, the monthly payments will be more than a conventional thirty year loan, so make sure that you can afford those payments before signing up for one of these. A fixed rate mortgage loan is always preferable so that you can rely on the amount of those payments never changing. You can also visit https://www.mortgagewapp.com/ to get best mortgage home loans.
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Another kind of loan that can help you save is the biweekly mortgage loan. Instead of making mortgage payments once a month, the loan requires that payments be made every other week. Once again, the net effect is to reduce the amount of interest paid over the life of the loan, because payments are being made more frequently than just monthly.
Another kind of mortgage loan that can help you save is the old-fashioned thirty year fixed rate mortgage. Simply paying an extra amount of principal every month reduces the amount of that principal and so, reduces the life of the mortgage loan and therefore, the interest to be paid.
Those options include paying an additional amount of principal every month, or making a principal reduction on a one-time only basis. What can be saved in interest over the life of a particular loan can be truly amazing.
