Like many Americans in this economy, we are all looking for ways to stretch the dollar. If you are looking long-term, this is a quick and painless way to make one additional mortgage payment per year without feeling it in the wallet.
“The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. ” (www.realestateabc.com/glossary)
Communicate with your lending institution to set up this payment program.