How Can I Pay Off My Mortgage Faster?
All home owners want to pay off their mortgage as quickly as possible, but not everyone knows the best way to go about it.
Speaking to a mortgage broker would be the most beneficial way to learn how to pay off your home loans faster, as they have in-depth knowledge of the repayment process.
However, there are a few strategies that can get you started.
Making extra repayments, for example, is a great way to reduce the principal on your mortgage faster. Consistently doing so with the help of tax returns and bonuses will aid in the impact of your repayments - especially when carried out early in your loan term.
Another great way to get to the end of your payments faster is by making your first payment on the day of your home loan settlement - this amount will go against the principal and will not be included in the interest accrued for that initial time period.
Also by paying establishment fees, legal fees and lenders mortgage insurance up front rather than capitalising them into your loan will save you thousands of dollars in interest over the loan term.
Your mortgage broker can help you decide which strategy will be most effective in paying off your loan faster.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.