Pay Less Interest On Your Mortgage

Here's a tip I learned from a mortgage broker that could save you thousands of dollars. One of the best way to save money on your mortgage is to incrementally increase your monthly payment by say 50 or $100. So by doing so, any extra payments that you make goes towards your mortgage reducing the principal rather than paying off just the interest, which ultimately leads to significant long term savings over the duration of your mortgage. Be sure to check your mortgage contract before doing so, though, if you put more money towards your mortgage amount  that the maximum allows you to, you will end up paying a prepayment penalty. So talk to your mortgage broker to find the  sweet spot if you want to pay less interest on your mortgage. I hope you found this information useful. Take care.