Good Mortgage Management
Once you have moved into your new property and have begun to make payments against your home loan it can be tempting to get into a routine and continue on the same financial path for years.
However, it is important to stay abreast of opportunities to improve your finances by changing your mortgage or restructuring existing payments when you are able to do so.
For example, additional lump sum repayments can significantly reduce the amount of interest you pay on your home loan and the term of your debt.
Many mortgages accrue interest on a daily basis making lump sum repayments on your home loan a good way of saving money.
A home loan repayment calculator can help you determine how much this method will save you under various lump sum scenarios.
You can also speak to a mortgage broker to find the best course of action - they have knowledge of hundreds of different products offered from a variety of lenders.
It is important to note that not all home loans are equal - some will allow you to make lump sum repayments while others may not support this arrangement.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.