There is no doubt, that the quicker you pay off your mortgage loan for a new house, the more money you have eventually saved. It’s true, and that’s the criteria you should be guided by when hunting for a suitable mortgage rate in your local area. However there can be different circumstances involved, and even if you applied for a long term of your mortgage loan repayment, in the vast majority of cases you have the right to shorten the term by making extra home mortgage payments.

Let’s take a look at the statistics. Usually your mortgage lender you borrowed money from, requires you to make 12 mortgage loan payments a year, which means that you pay your mortgage debt little by little on monthly basis. How about making 13 or 14 payments a year? If you go for that, you will pay off your mortgage years ahead and thus save some big bucks on your interest rate. Mortgage brokers know all about it and they can consult you at this point as long as mortgage loan advisers and mortgage loan officers.

It makes sense to apply for a long term of mortgage repayment, live this way for several years, and then start making extra payments notifying your mortgage lender about your decision. Who knows – you may win a lottery or get money some other way. Never cancel this opportunity – this makes your current home mortgage rate a better deal anyway.

Some people make even 24-27 payments a year if they can afford it at given periods of time.