Read more about the article Shorten Your Amortization period

Shorten Your Amortization period

Tip #2: Shorten Your Amortization Period

This Tip can be a bit more painful in the wallet, but it can also have dramatic effects on how much money you save in interest and payments. By reducing your amortization period by just 5 years you can, once again, save thousands of dollars.

You can instruct your bank to do this on anniversary dates or when your current term expires. Some institutions will allow you to change this at any time but may charge a penalty for doing so. Some banks will offer it as an incentive to attract new business.

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Read more about the article Using Bi-weekly or Weekly Payments

Using Bi-weekly or Weekly Payments

Tip #1: Bi-weekly or Weekly Payments

This single method can save you thousands of dollars by itself. You can start using this method the very day you read this. Simply call your bank and ask to start taking your payments out bi-weekly on an accelerated or rapid payment plan.

You can also request that the bank coordinate your payments with your pay day. It has always been easier to pay your bills on the day you get paid…simply request this at the time that you change your payment method. By implementing this one strategy you can save over four year’s worth of interest and payments.

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