Mortgage Amortization Schedule
More Than a Yawn | Pay Off a Mortgage Early

When you hear mortgage amortization schedule, you might feel on the verge of a big yawn! You know what I mean, right? But as you read my article, I want you to imagine how something as simple as a schedule of monthly house payments could offer control over your mortgage destiny.

You see, I'm on a mission and it's a new mission for me. I call it mortgage freedom. So go ahead, get excited and enjoy my article. I'm putting you in charge.

The Excitement Of Mortgage Freedom

Can you imagine how it would feel waking up one morning to mortgage freedom?

Lately I've been thinking what if homeowners did not feel enslaved by their home mortgage? Instead, what if they were more in control of their financial destiny.

In fact, what if you could start today to pay off your house and save money at the same time?

But in order to reach mortgage freedom, you need an easy method for tracking your home loan balance. And that's why a mortgage amortization schedule is the focus of this article.

What Is A Mortgage Amortization Schedule

An amortization schedule is a helpful tool to keep you in tune with your loan balance by tracking three activities.

• By what amount is the loan balance decreased by your monthly payment
• How much interest do you pay on a monthly basis
• What is the ending mortgage balance each month

By using my mortgage amortization chart, you can track all three activities to monitor your progression to mortgage freedom.

How A Mortgage Amortization Schedule Works

The majority of mortgages are 30 year loans. So in the early years, the greatest portion of the house payment is applied to interest. Very little principal is reduced.

This means, in spite of making monthly house payments, you continue to owe for several years almost as much as you originally borrowed.

But you do not have to settle for this. In fact, I am going to show you how to pay off your mortgage early while simultaneously saving a sizable amount of money.

The Promise Of Mortgage Freedom

By increasing the amount you pay toward principal, you can pay off your mortgage early. And because you understand the basics of an amortization schedule, you are ready to take charge of your mortgage destiny.

Now here are some exciting facts for you.

If you finance $200,000 for 30 years at 6 percent, by applying just $100 more a month to your payment, you knock almost five and a half years off your loan. That's not all. You also save about $49,000 in interest payments.

But let's not stop there. By increasing the payment with an additional $100 monthly, your mortgage freedom will arrive nine years early. And a whopping total of $79,800 in interest payments can be avoided.

What Plans Will You Make With $79,800

Now I can't be sure about you, but most everyone I speak to could put $79,800 to good use. In fact, you probably have some ideas already today.

So start dreaming about your amortization schedule. How does the promise of mortgage freedom make you feel?

I'm guessing excited! I told you an amortization schedule was more than a yawn!

Prime Real Estate Articles Tip No.40
Home Mortgage Application | Construction Loans

Construction loans involve a lot of payments. So here's the thing. It is easier to retain invoices and receipts as construction progresses than attempt to recreate records a few months later.

Here is what you'll be asked to supply when you apply for a home mortgage after the completion of construction.

• Year lot acquired
• Original cost
• Amount of existing liens
• Present value of lot
• Cost of improvements
• Combined totals of 4 and 5

So avoid panic when it comes time to roll over your construction loan into permanent financing. Since invoices and receipts pertaining to acquisition of the lot and cost to build will be required more likely than not, prepare ahead of time.

My rule of thumb for homeowners undergoing new construction... If a piece of paperwork has a dollar sign, it is important. Keep it!

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

View FNMA 1003

Gold Mine Of First Time Home Buyer Tips

How To Buy A House - First Time Home Buyer Information by Kate Ford

Refinancing Your Mortgage - Refi Tips by Kate Ford

Mortgage Help - How To Get A Mortgage by Kate Ford

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