Equity Direct Funding
Las Vegas, NV, United States
About MeWith an overarching commitment to customer satisfaction and a dedication to meeting the individual needs of every client, Direct Equity Funding has garnered a bevy of positive reviews over the course of its operation. Praised for the efficiency and responsiveness of its employees, Equity Direct Funding also provides excellent tips for reducing the overall cost of carrying a mortgage.
Though the costs associated with purchasing a home can seem daunting, Equity Direct Funding also helps clients maximize savings through all possible avenues. According to Equity Direct Funding specialists, one of the best methods for saving money on mortgages is making an extra payment or payments, applied toward the principal, on the mortgage every year. In order to best explain the enormous potential of this method to save clients money, Equity Direct Funding provides a clear example: Person A and Person B both take out a $100,000, 30-year fixed-rate mortgage with an interest rate of 6.5%. If Person A does not make any additional mortgage payments, she will have paid a total of $227,543 over a period of 30 years. If Person B makes only two additional payments annually, she will accrue a total savings of $46,492 and reduce her payment period by nearly a decade.
Recognizing that not everyone is able to make additional annual payments, Equity Direct Funding also advises clients to make one-time extra payments toward the principal whenever their financial situations can accommodate the additional expense. Equity Direct Funding suggests that unexpected income, such as an inheritance, non-taxable cash gift, or unusually large tax refund, can be leveraged to great effect in the reduction of the total repayment amount and period. For example, given the same terms stated in the scenario above ($100,000, 30-year mortgage at a fixed rate of 6.5%), someone who makes a one-time payment of $5,000 during the first pay period of year six will save $22,832 and reduce the repayment period by three years.