If you are one of the people who already have a mortgage and are paying the monthly payments, it is best to make extra contributions to the capital from time to time to reduce the amount and make it less expensive.
Credit specialists or mortgage brokers point out that if the age of your commitment to the Bank is 20 years and you did not make advance payments, at the end of its life you paid 2.4 times the value of what they lent you.In the case of a 15-year-old, you end up paying 1.9 times the amount you asked for at the beginning.And it is not that the mortgage has been more expensive than the value of your house, since over the years, that is, 15 or 20 years, your property gained surplus value and its value increased during all this time, exceeding the cost of what mortgage paid.But if in addition to that you can save a lot of money by making advance payments to it, then much better.If you have some money left over or planned to save to do this action, there are Banks that accept any sum or amount and there are others that only receive multiples of the value of your monthly payment to make advances. During the first years of your credit life is when the interest amounts are the highest. Let’s say that they consider the possibility that you can pay them all the credit soon and well, at the beginning is when they take advantage and let themselves “fall”.It is very important that before you obtain the mortgage you investigate the restrictions and flexibility that the Bank has to make advances.Another option that exists to amortize your credit faster is by using the Infonavit Support program.What this program does is that employer contributions are applied to the capital of your mortgage loan, instead of going to the housing subaccount.When you make advance payments or use Infonavit Support, what you achieve is to pay your credit in less time or lower the cost of monthly payments.You do not know how healthy it can be that at the beginning of the life of the credit you make contributions to the capital, since the subsequent interests will be reduced from an increasingly smaller amount.Try, if you can, not to stay in the comfort of paying only the monthly payment indicated by the Bank and nothing else!See you next time! The author has more than 29 years of experience in the field of real estate in terms of communication, campaigns and launching of real estate projects. Since 1995 he has been a member of the National Association of Real Estate Editors (NAREE).
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