Are you paying a monthly mortgage payment? Do you know how much of that payment is actually paying down your mortgage? When purchasing a home, your mortgagee should explain how much of your monthly payments will go towards your principal balance, amongst interest added in. What your lender might not explain to you is how to save money with those payments. With this basic info, you have the tools to leverage those payments.
The Principal Payments module in Homebot is there to help you to understand your mortgage payments. It has an easy-to-read breakdown of what you’ve paid towards principal and interest so far, then projects the interest you are likely to pay if you keep making those same payments. You would be surprised how much you could save.
Then, you can adjust those payments and see how much you could save! This live demonstration allows you to see long-term results and major savings.
Michael, along with his wife Laura, is co-owner of Maine Home Connection, an independent real estate company located in Portland. Maine. Together they started the brokerage from scratch with a new vision of what a company could look like if it focused completely on the needs of our clients and our agents.