Pay Back Your Home Loan The Smart Way
If you’ve made the effort to live on a budget and get yourself in a position to buy a house, it makes sense to continue that fiscal discipline once you’ve become a homeowner.
After all, you’ll have home loan repayments to manage, as well as rates, utilities bills, home maintenance and the normal costs of living.
It needn’t seem daunting - in fact the effort required in order to save a home loan deposit is excellent training in personal financial management.
In addition to keeping a close watch on your expenses, monitoring your mortgage repayments can have great benefits.
By using a mortgage calculator, you can find out lots of helpful information to help you better manage your repayments.
For example, you can see how much of your repayment goes toward reducing the principal on your loan and how much towards the interest you are being charged.
A repayment calculator can aid in trying out different repayment scenarios - for instance you can see what you might save over the term of your loan by switching from monthly to fortnightly repayments.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.