What about an all-cash offer for your Lethbridge Home?Although most Lethbridge home buyers could never buy a property with all cash, anyone considering such a move (or who has bought a lottery ticket lately) may be wondering how to approach such a deal.
Because Lethbridge buyers sidestep the tedious and time-consuming loan qualification process, the deal can close very quickly. In addition to fewer hassles and a better position in price negotiations, the all-cash buyer's primary advantage is completely avoiding mortgage interest, which can total hundreds of thousands of dollars over the life of the loan.
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Contact Information
Courtney Atkinson Century 21 Foothills - Atkinson & Associates 204 - 515 7 St S Lethbridge, AB, T1J 2G8
Cell: 403.795.7777
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What are the benefits of pre-paying the mortgage?
By making additional payments that go toward the principal balance, you can save thousands of dollars and shave years off the length of your loan.
Principal payments over and above the minimum monthly amount required by the terms of the mortgage constitute partial prepayment of a mortgage. Each mortgage will have terms describing how and when prepayment may occur. Refer to the note to see if there is any penalty incurred for prepayment.
The total savings potential also depends on how long you want to stay
in the house. Borrowers who plan to move in the near future should not
expect to realize as significant a savings as people who pay ahead of
schedule until they own the home free and clear.
Check with your lender, who should be able to provide specific answers
as to how such a prepayment plan will shorten the life of the loan and
what kind of interest savings can be expected.
Questions about Lethbridge Real Estate?
Ask us below or Call us Now at 403.795.7777
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