How Much Interest Are You Paying On Your Home Loan?
No matter how many extra repayments you may make towards your home loan, it will still be incurring interest daily. This is why it is vital to know how much interest you are paying.
It is important to note that your loan is made up of two shares which include the principal - which is the amount you originally borrowed - and the interest - which is calculated based on how much you owe.
Staying informed about interest rates can be made simpler by enlisting the help of your mortgage broker.
As a home loan expert, a broker can advise you on how extra repayments could help to reduce your loan balance.
In the instance that you discover another product on the market which may suit your needs and requirements better, your mortgage broker can guide your through the particulars.
It may also be helpful to use an online interest calculator.
This can be a quick and a handy way to find out how various types of interest rates may make a difference to the balance of your home loan.
It is worthwhile checking these out to ensure you are getting the best mortgage deal available.
To get more detailed information about your situation, talk to a Loan Market mortgage broker today.