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Reduce your mortgage by pre-paying principal and eliminate interest.
Homeowners know that a mortgage is a great way to buy a house.  But, too many don't realize just how much a mortgage can run the price of house up over the course of a loan. 
If I told you that I would sell you a $200,000 house for $364,813.42 you would never do it, but a 30 year mortgage can run the purchase price of a house up $164,813.42 in interest at 4.5% over a 30 year mortgage.
There are ways to reduce that number that are simple and within reach.  Anytime you take out a mortgage, make sure you have the privilege of pre-paying principal without penalties.  Let me show you how this works.
Let's start with a $200,000 mortgage with the first payment beginning January 1st.  Interest is loaded on the front of your mortgage, so your early payments are predominately interest.  Let me give you an example.  Payment one is $1013.37.  Of that fee, only $263.37 is paid on the principal.  The remaining $750.00 is interest.  On month 2, your second payment is $1013.37 of which $264.36 is principal and $749.01 is interest.
                
So, in two months, you have paid $527.73 in principal and $1499.01 in interest.  Now, if ... more

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