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About The All American Realty Team - Information about The All American Realty Team of Woodinville, Snohomish and Bellevue, Washington Testimonials - Read what The All American Realty Team's clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Washington home buying & property selling information is guaranteed by The All American Realty Team. Privacy Guarantee - This Woodinville, Snohomish and Bellevue real estate web site will respect your privacy, guaranteed by The All American Realty Team. No Obligation Guarantee - The All American Realty Team's real estate help by email is free & without obligation for Woodinville, Snohomish and Bellevue home owners in Washington. For Real Estate Agents - Let The All American Realty Team help you with your professional real estate broker and agent needs in the Woodinville, Snohomish and Bellevue area. About NUMBER1EXPERTS™ - NUMBER1EXPERTS™ are top real estate professionals, find out more. Contact Information - How to contact The All American Realty Team. Go to Main Sitemap - Main sitemap sections include Find Woodinville, Snohomish and Bellevue Homes, For Home Buyers, For Home Sellers, Woodinville, Snohomish and Bellevue Information, Real Estate Resources, and About The All American Realty Team. 
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Financing Your Home >Your Mortgage
Many homeowners overlook the mortgage payment as a tool for financial management. They get the mortgage, move in, make the payments, and pay off the loan eventually. Smart homeowners know that by properly adding to their monthly payments, even by a small amount, they can substantially reduce the term of their loan, not to mention the total interest they will pay. In fact, prepaying one full year of a standard mortgage can save thousands of dollars in interest. The key is to do it properly and to find the right lender for whom prepayment is not a problem.
More progressive lenders allow the option to add money to the monthly payment which goes directly to the principal. How much should you add? It's largely a personal decision, and it depends on your cash flow. But be mindful of the fact that the mortgage interest rate is probably the lowest interest loan you will find, so don't short yourself with prepayment only to run up credit card debt!
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| Q |
What does "contingency" mean in real estate?
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| A |
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence." |
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