When you get a loan from a bank or a private financial institution, you have to pay interest back on the money you borrow. The amount of interest you pay on the borrowed … See more

If your loan is set on a 30-year time period, as are most mortgages, one way to use amortization to your advantage is to refinance your loan. Refinancing is how you change th… See more

Another way to take advantage of amortization is to increase your payments without refinancing. The market may not be in the right place to refinance since interest rates fluctu… See more

Consider refinancing to get a lower rate, but not a shorter-loan term. Then, apply what you save in interest payments and any extra payments you can afford to paying off your princip… See more