Could You Be Mortgage Free Quicker?
For many home owners, paying off their mortgage is the ultimate act of freedom. Imagine owning your home debt-free!
Without monthly mortgage repayments to make, just think how your financial situation might be different.
The extra wriggle room could allow you to pay off other debt, finance investments or savings, or take more holidays - it would be up to you!
The good news is that if you are determined to put the hard work in, you can indeed become mortgage-free faster.
You can increase the frequency of your repayments for example. If you pay every fortnight instead of every month, you’ll end up making an extra repayment each year.
Another excellent tactic is to make extra repayments. If you receive unexpected sums of money - such as bonuses at work, tax refunds or inheritances - putting these towards your home loan will help reduce both the term of your mortgage and how much interest you pay.
And the sooner you start making extra repayments, the bigger the effect they will have.
A review of your current loan conditions is a great idea - doing a home loan comparison might reveal that there is a better way to structure your loan.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.