How Much Interest Are You Paying?
When people buy property for the first time, they usually pay meticulous attention to the financial particulars associated with the purchase.
Application fees, stamp duty, agent fees and all of the other charges that come along with buying property were likely calculated and budgeted in exquisite detail.
However, as the months and years roll on, many homeowners stop keeping track of the exact amount they are putting towards their mortgage.
Have you checked on your home loan agreement lately? Do you know how much interest you are paying? Is there any way you can reduce the principal amount to draw down the interest you are paying?
It is likely worth a quick check up using an interest calculator, or perhaps a loan repayment calculator to find out just how much you are paying, how it has changed over the years and if it is time to shake things up.
It would also be beneficial to speak to a mortgage broker about the interest you are paying and whether it would be in your interest to consider refinancing your mortgage.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.