In this article, securedloanspark is going to spill the beans and tell us some of the secrets that the banking industry has been keeping from us for far too long. If you want to pay off your mortgage as quickly as possible, you should find a way to put extra money toward the remaining balance as soon as possible. But you don't have to spend more each month than you already do to do this. The thing that will save you the most money is the way you pay. And we're talking about huge savings! Even a small amount of extra money paid at the beginning saves a lot of money in the long run. This is because the high interest rates at the beginning of the Secured Loans UK really mess up the bottom line. Most people who buy homes don't know that they can easily lower their interest costs and put a lot more money toward paying off the principal. Far too many people who buy homes don't make the easy fixes. Once they understand how important it is to pay down the principal and use our tried-and-true method, however, they are on track to pay off their mortgage very early, often in as little as 8 1/2 years. Interest that you have to pay up front is a big reason why you haven't been able to pay off your advance quickly. If you look at the table that shows how your mortgage is paid off, you'll find something very interesting. I'll just give you the facts, using a $150,000 30-year fixed-rate mortgage with a 6% APR as an example. In the first year of your mortgage, you pay $10,791.96 (12 monthly payments of $899.33), and a whopping $8,949.89 of that goes to interest, not the principal. That's a huge 82.93% of your payments that went to interest. Those payments went down the drain and into the banks' pockets. That's your hard-earned money going out the window, since it doesn't pay off your loans at all.
Only 17.07 percent of the money you pay in the first year goes toward the real problem, which is the principal and keeps you from paying off your loans. Even though you paid $10,791.98 toward your $150,000 mortgage, the main balance is still $148,157.98. In Secured Loans UK, you got all the benefits that you wanted, but the only thing that was guaranteed was your property.
