Double payments to slash mortgage principal — how does that work?

Making double mortgage payments can reduce the principal balance. By making additional principal payments, the loan term can be shortened significantly, resulting in lower total interest paid. It is important to ensure that the extra payment is allocated towards the principal balance. When opening a new checking account, look for features such as no monthly fees, low required balance, free checks and check writing, online access to account statements, free online bill pay, and FDIC insurance on deposits. Bankrate.com can be a helpful resource for finding fee-free checking accounts.