Knock 8 Years Off Your Northern Virginia Mortgage With This Trick

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One question that I get asked all the time is whether it's worth doing a 15- or 20-year mortgage. Obviously that's not available all the time with the increased price, and with housing prices as high as they are in Northern Virginia. One recommendation I have is to add a little extra to your principal every month.

How you do this is to add an additional 1/12 of your monthly payment to your principal each month. Over time, this will keep compounding and knocking down your principal, and eventually, you'll actually save eight years off of your mortgage. That's right - your 30-year mortgage turns into a 22-year mortgage!

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Over time, you'll actually save eight years off of your mortgage.

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Some of the mortgage companies will try to get you to do this on an automatic payment with them. I don't recommend this because if you do have a tough month financially, you won't have to worry about that money getting withdrawn automatically. You can just choose not to pay the extra 1/12 and make it up at a later date.

If you have any questions about this topic or anything else related to real estate, feel free to send me an email. Thanks and have a great day!