Inflation giving you the blues? 

We’re happy to help if you’re struggling to make those mortgage payments. 

But we’d be even happier if you never needed to come to us in the first place – so here’s a tip you can use to save money on your mortgage:

Even though a 15-year mortgage will have a much lower interest rate than a 30-year mortgage, you’re tasked with making monthly payments that are considerably more expensive.

And that can be way too much to handle. 

So why not take out a 30-year mortgage, but pay it off quicker?

A normal 30-year loan will come with 360 payments — 12 per year. 

But check this out: 

If you take your monthly payment, split it in half, and pay that amount bi-weekly, you’ll end up making the equivalent of one extra monthly payment each year, while saving big on interest over the long run!

For example, a 30-year, $200,000 mortgage at 4% will translate to about $11,460 a year. 

With a biweekly payment schedule, you’ll be paying $12,400 per year.

Yes, it’s a bit more. 

But here’s why it’s a good idea:

You’ll not only spare yourself the stress of a higher minimum payment — but you’ll also save $23,000 in interest over the lifetime of the loan. 

Holy mortgage, Batman!

So, try making payments every two weeks instead of once per month. 

That way if you ever find yourself in trouble, you’ll have a much easier time making those minimum payments. 

And you might just end up with an extra $23,000 in your pocket ;)