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5 Steps to Getting on Top of your Mortgage
Getting on top of your mortgage so you can pay your loan off
faster and potentially save thousands of dollars on your home
loan is possible with a plan and consistent effort. There are
mortgage reduction strategies that you can put into place that
will ensure that your loan is paid off more quickly without
putting a huge strain on your current budget. The following tips
are designed to help you pay off your mortgage as quickly as
possible.
1. One of the most important things you can do to accelerate
paying off your mortgage is to make a more frequent repayments.
If you can arrange to make weekly payments as opposed to monthly
payments you'll actually end up making the equivalent of 13
monthly payments each year instead of 12 therefore saving you
money by reducing the term your loan. In order for this to be
effective it is important that you make sure that your home loan
has interest that is calculated daily. You do not want a home
loan that calculates interest on an average monthly balance.
2. The second thing you should do to speed up paying off your
home loan is to make extra payments whenever possible with any
extra money but you might come by. For example you might use your
tax return, a bonus from work, or an inheritance to make an extra
lump sum payment on a loan. This will go a long way toward
reducing the principal of your loan. If your loan has a redraw
facility you will have the flexibility of being able to access
these extra payments if necessary.
3. Another thing you can do in order to reduce the principal
of your loan is to have your regular income paid directly into
your loan balance. You could then use a credit card to pay your
daily expenses. At the end of each month you can then withdraw
the money using the redraw facility and pay off the credit card.
By keeping this money on your loan for as much time as possible
you will be reducing both the term of the loan and interest that
you're paying.
4. You can have an immediate impact on the principal of your
mortgage on the day that you settle by simply making your first
payment that same day.
5. Continue paying at least the original installment amount
even if interest rates drop causing your repayment installments
to drop also.
If you follow these strategies regularly over the term of your
loan you will significantly reduce the mortgage as well as the
interest you pay.
Copyright 2005 by Robert Scott, LoanSense.com.au
Check out Robert's LoanSense website that is dedicated to
helping borrowers get the
best possible deal on a Home Loan in Australia.
 MORE RESOURCES updated Thu. February / 09 / 2012
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