by Answerbag Staff on January 28th, 2010

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Will an extra annual mortgage payment reduce terms?

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by Caryn Anderson on January 28th, 2010

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Caryn Anderson is a writer located in the Poconos of Pennsylvania. Caryn has her B.S. in Communication Studies from New York University and has taken her love of writing and applied it to a variety of subjects including various product reviews, travel reviews, Pet Recipes, and relationships. She previously worked as a professional negotiator in the medical industry and has four beautiful Bichons.

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Making one extra mortgage payment each year can save you thousands of dollars over the life of the loan. It results in less interest and trims approximately 13 years off of the life of your loan. You can make biweekly payments, add one-twelfth of a payment to each monthly payment or by make one additional "lump sum" payment yearly.
Source:
The Truth About Mortgage: BiWeekly Mortgage Payments
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Will an extra annual mortgage payment reduce terms?

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Will an extra annual mortgage payment reduce terms?

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