Do you own a home in Del Mar or are looking to purchase one? If so your mortgage is probably one of your biggest concerns.  The following is a quick guide to saving money on your purchase.

30 years is the most common term length for home mortgages. However, most borrowers will never pay these loans in full because most people do not remain in the same home for that long. There are ways for borrowers to vastly shorten the length of time they make mortgage payments and save vast amounts of money. Here is the best way to pay your mortgage down a little faster than your set term and a way to figure just how fast you can pay it off. It amazes most to learn that by making just a single extra payment a year, a person can save up to 10 years of payments from a 30 year mortgage term. Most borrowers would think that by making double payments each month would payoff your home mortgage in half of the time. Surprisingly this does not happen. Your regular payment is split between principal and interest and every dollar from your extra payment is applied strictly towards the principal. So, by making a double payment, you are really making a triple principal payment. Take advantage of the free mortgage repayment calculators on the Internet to see just how much faster you can pay off your home mortgage.

Most homeowners can find the extra cash to make at least a single extra payment a year either from bonuses from work, money from a yard sale, saving by cutting their own lawn, or just collecting the change in their pockets for the year. Remember just one extra payment will save thousands of dollars over the span of a 30 year mortgage.