Find Out how to pay Your Mortgage off Faster And Save a lot.
You can save thousands of dollars if you pay your mortgage off sooner than you are supposed to because you will save heavily on interest payments. This proposition may not be as impossible as it sounds. You actually have quite a few options which will help you achieve this aim.
When taking out the mortgage make sure your interest rates are calculated on a daily rather than a monthly basis. This will come in handy when you make principal repayments as your next interest payment will immediately become less.
Examine the fine print of your loan and find out whether you are allowed to make lump sum repayments and whether you can make more regular repayments than has been set down. If this is possible do not hesitate to take advantage of it whenever you can as it will reduce the principal as well as the term of the loan.
A particularly helpful tactic is to ensure that your repayments coincide with your income
cycle. For example set up your loan repayments on a weekly basis if you get paid weekly yourself. Thus you will have sufficient funds when you make the repayment an
d will also be in a position to maximise that amount whenever you can.
All of the above actually depends on the kind of loan you have. So the first step is to keep these tips in mind when actually setting up the mortgage.