10 Ways To Save On Your Mortgage
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If you have taken that step and ventured into the world of mortgages and home loans you will know that as you pour in all of your available resources it can feel as if you’re getting nowhere fast. Learning how to save on your mortgage can set you up to slice years off your loan. If you put in place the following simple principles you will reap all the benefits. 1. Shop Around For The Best Deal - Don’t sign with the first bank you see…By shopping around and getting several quotes from the various lenders you will be able to find the best deal for your circumstances. 2. Save up for the Deposit - If you pay a larger deposit, for example 20%, there won’t be as much interest and you may qualify for a lower interest rate. The other advantage is you won’t require mortgage insurance. 3. Don’t Pay Unneeded Interest - Paying the fees and charges associated with your mortgage upfront is cheaper than adding them to your loan. 4. Increase The Frequency Of Your Payments – If you pay fortnightly or even weekly you will be making approximately one extra monthly payment per year and the time it takes to pay off your mortgage will be reduced significantly. 5. Don’t Just Make The Minimum Repayment – If you want to save thousands of dollars in interest over the term of your mortgage work out the maximum monthly payment you can manage. Consider taking out your mortgage for the shortest term possible. Preferably under twenty years. 6. Make Extra Payments – Another way to shorten the length of your mortgage and the amount of interest you have to pay is by making additional payments against the principal balance. Please not you will have to make sure your lender has this option available. 7. Use Low Interest Rates To Your Advantage – Make additional payments when interest rates are low and you have that little bit extra in your wallet. This will go along way to help pay off your mortgage sooner. Please note that this is only applicable if you are on a variable rate mortgage. 8. Use An Offset Loan – Depositing your wages directly into your mortgage account and only withdrawing the absolute minimum you need will help cut the time it takes to pay out your loan. 9. Consolidate Your Credit Cards And Other Loans – Take advantage of the lower interest rate of your mortgage by consolidating any car or personal loans and any credit cards you have into your mortgage account. 10. Check Out Mortgage Watchdog Software – I’ll let you in on a little secret … Banks make mistakes and rarely are these in your favour. Recently a major Australian bank found they had overcharged fees on 55,000 customer’s accounts and it totaled $52,000,000. It has also been estimated that the average error is about $242 per monthly statement. Remember that is per monthly statement. Imagine what that could add up to over the life of your mortgage. Mortgage Watchdog is a powerful and simple to use software program that will check your bank statements for these errors. It’s quick, easy and most importantly 100% accurate. Check out the Mortgage Watchdog Review Save 15 Yrs Home Realestate Mortgage Finance Loan
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