Don't Forget Your Home Loan Once You've Bought A Property
Once you’ve done all the hard work to secure your home loan and had your house offer approved you will probably feel you deserve a celebratory glass of wine – or two!
Enjoy that momentary respite, as you will soon be flung into action moving into your new property, turning your house into a home and generally getting on with life as a new homeowner.
In all your domestic bliss you may well forget that your mortgage needs just as much attention after you buy a house as it does beforehand.
By regularly reviewing your home loan you can ensure that it is working for you just as much as you are working for it.
You can use a loan repayment calculator to see what effect a lump sum repayment can make on your repayment schedule.
If your mortgage accrues interest daily, you could well make a big saving in the long term.
All home loans are different, however, and yours may not let you make a large one off payment, though there may be other ways you can find savings.
A mortgage broker can explain what options you have to better manage your finances.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.