Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

Prepaying your mortgage 

A great way to save thousands of dollars and shed years off your mortgage while building equity is to prepay your mortgage. When prepaying your mortgage you should usually write on your check and your coupon or statement that the money above and beyond your normal payment is to be applied directly towards the principal of your mortgage loan  and not towards future payments. Many mortgage companies, if this is not written, will simply apply this extra payment money towards future payments and not towards your principal of your loan balance. Therefore, if you want to prepay your mortgage, which prepaying your mortgage is a good idea, you will want to make sure you note that prepaying your mortgage is your intention to the mortgage company.

You can make payments directly towards your principle at any time. This will ultimately reduce the amount of interest you pay over the life of your loan.

Every cent spent over your minimum payment comes off of the principal balance of your loan.

Making one single additional mortgage payment per year will achieve the same result as making bi-weekly payments. Either action will shorten your 30 Year Fixed Rate Mortgage by approximately 7 years .

Pre-payments are great — but your individual situation has to be considered. If housing values are dropping (in real, inflation adjusted terms) in your area, pre-payments might save you interest expense, but the equity that you are supposedly building is just disappearing. You might want to consider letting the bank assume the risk, and keep your money somewhere that will keep it earning above the rate of inflation.

Many people apply any federal and state income tax they receive towards paying down their mortgage. By applying your tax returns and making one extra payment a year you can drastically reduce the length of your home mortgage.


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