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Acelerando sus Pagos de la Hipoteca

Get Ahead By Accelerating your Mortgage Payments

Buy A House

By Gayatri Jayal

Purchasing a home is one of the most important financial investments one can make. Not only does a home prove to be a highly valuable asset for the future, but it also gives you and your family a permanent residence and thus provides you with stability and comfort.  However, purchasing a home is also one of the most expensive investments. For this reason, many people make use of a "mortgage" to help them in their efforts to buy a home.

A mortgage is a loan that you can get to pay for a house for you and your family.  The mortgage payments will give you the pride of being a home-owner, a tax deduction and a home, which is a very valuable asset. Typically, the mortgage can be repaid in monthly installments. Each payment consists of two parts: the principal and the interest. The principal amount is the amount of money that was originally borrowed, while the interest is the amount charged to let you borrow money, in other words it is like a fee that you pay in order to borrow the principal. This fee is in the form of a rate or a percentage of your principal, and is charged to you over the term of the loan.  The lower the interest rate on a typical mortgage loan, the better it is for you.

While paying off your mortgage, the interest amount is often what is paid off first, and then the principal. This means that in the beginning, more money from your monthly payment will go toward paying off your interest and less toward paying off your principal. However, as you keep making payments, your interest amount decreases. Hence, by the end of this term, the principal payments will represent the bulk of your mortgage payments.

Since mortgage payments are structured so you pay less interest with a shorter term mortgage, it makes sense to make mortgage payments more frequently than monthly. A possibility is to pay half of the monthly amount once every two weeks. By accelerating your mortgage payments to make them bi-weekly instead of monthly, you will be making payments 13 times a year instead of your original 12. This means that you will be paying off your mortgage at a faster rate, and your house will belong to you entirely sooner.

To make your mortgage payments, you open a checking account at your credit union and set up automatic payments. Automatic payments ensure your payment is made on time every month.

If you have a mortgage or are considering obtaining one, ask your lender about bi-weekly payments or alternatively, adding an extra amount toeach payment to be applied to the prinicipal. In this way, your payments will be accelerated and you will still be able to make the most out of your money. The mortgage calculators available in Spanish at the bottom of this page will give you an idea of how additional mortage payments will reduce the amount that you owe.

Published 07/12/2010

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