![]() |
5 Steps to Getting on Top of your MortgageGetting 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.
Mortgage rates settle after an up-and-down week The Washington Post How to refinance your mortgage and save money every month Business Insider More than 6.8 million homeowners can cut their mortgage payments with refinancing Frederick News Post Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing FirstCoastNews.com WTLV-WJXX How to know when to refinance your mortgage KIIITV.com Millennial mortgage refinances continue ascent National Mortgage News It may be time to refinance if it benefits you The Dallas Morning News Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates retreat for the first time in three weeks The Washington Post Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Ask a mortgage expert: Tips about credit score, down payment, refinancing and more Reno Gazette Journal Ready to Refinance? County 17 Here are the best and worst states to refinance Yahoo Finance Should you refinance? The answer always boils down to money The Daily Herald A guide to using mortgages and loans to pay for home renovations FirstCoastNews.com WTLV-WJXX Mortgage applications see steep drop in late November Houston Chronicle Should I Refinance My Mortgage? | Millionacres Motley Fool Mortgage rate predictions: Could the experts be wrong again? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 29, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports U.S Mortgage Rates Rise but only Marginally Yahoo Finance Jumbos, streamline refis drive uptick in mortgage credit availability National Mortgage News Housing inventory will get a boost from Silver Tsunami headwinds The Mortgage Reports Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News Figure Closes Series C Round of $103 Million to Expand Lending Products and Executive Hires Business Wire Blockchain-based lending startup Figure secures $103M in new funding SiliconANGLE News What is a second mortgage? Bankrate.com Access to Government Backed Mortgages Finally Improves Mortgage News Daily The best Black Friday deals for appliances, tech, home improvement, and more The Mortgage Reports Mortgage rates today, November 25, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millennial Refinancing Hits New Peak National Mortgage Professional Magazine Mortgage Applications in US Dip in Late November World Property Journal Mortgage Credit Availability Up in November National Mortgage Professional Magazine Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral The Perfect Mortgage Jewish Link of New Jersey Loan Characteristics Mostly Account for Conforming/Jumbo Spread Mortgage News Daily How long does it take to refinance a mortgage? Bankrate.com Offerpad ups the ante in iBuying, launches new home-renovation feature The Mortgage Reports Refinancing Share of Freddie's Volume Soared in October Mortgage News Daily Mortgage rates today, November 27, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports 5 common myths about refinancing your mortgage Bankrate.com Can you still get stated income loans? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Good time to refinance your mortgage? Fox Business What to know before refinancing your home loan The Washington Post Rent The Runway Brings Rentals To W Hotels pymnts.com Your Home: Home equity loan boom could cause problems for homeowners Shawnee Mission Post Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider What Is Mortgage Refinancing? Motley Fool Don't Use These 4 Loan Types for Debt Consolidation The Motley Fool Make the time to refinance FOX 31 Denver Odd Lots: Refis, DTIs and More Banker & Tradesman Refinance mortgage rate moves higher for Monday Bankrate.com Conventional And VA Loan Limits On The Rise In 2020 Zing! Blog by Quicken Loans Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com US mortgage rates settle after an up-and-down week The Business Times Benchmark Mortgage now in Minot | News, Sports, Jobs Minot Daily News Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rates mixed for Wednesday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com Refinance mortgage rate increases for Monday Bankrate.com Refinance rates fall for Wednesday Bankrate.com COC approves $31M general obligation bond refund Santa Clarita Valley Signal 4 irresistible perks of a VA mortgage refinance Bankrate.com Is it time to refi? Amid lower rates, lenders say homeowners are jumping to refinance Allentown Morning Call Refinance rates advance for Monday Bankrate.com
|