Clients may reach out to their mortgage brokers to inquire if there is a time within a month that is best to make an extra payment to the principal amount owed. Generally, no set time within the month is best to make an extra payment to the principal, however, it has been said that extra payments made towards the end of a month are the best option.
A client who is interested in understanding the best time within a month to make an extra mortgage payment should reach out to their current mortgage broker to learn more information. A mortgage broker should inform their clients of any fees required to make an extra mortgage repayment, and of any rules or regulations regarding mortgage repayments that they will need to follow.
Mortgage brokers also typically advise their clients to make additional mortgage repayments whenever they have funds available instead of saving funds over an extended period of time to make a lump sum repayment. This allows clients to make the most of their additional payments without wasting any time.
Additional mortgage repayments, whether they be recurring or a lump sum, can allow a homeowner to get ahead of their mortgage payments which can result in saving time and money. A homeowner saves money by making additional mortgage repayments because the repayments are directed to the mortgage principal amount.
As a mortgage broker, you should be able to successfully explain the key points of additional mortgage repayments so your clients can have an in-depth understanding of the potential benefits they can receive by making those additional payments.
