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Prepayment

Prepaying will cut down on life of loan interest and pay off your loan more quickly. That’s because interest is charged each month based on your outstanding balance.  And so by paying your balance down early, you’re making subsequent monthly payments allocate more to principal and less to interest.  Prepaying does not lower your monthly payment.  If you’re interested in lowering your monthly payment, the options for those are through a refinance or recast. Learn more https://alexjaffe.com/refinance and https://alexjaffe.com/recast

 

Pre-Qualify Now: https://ajaffe.firsthome.com/startapp

ajaffe@firsthome.com 240 – 479 – 7658