Managing A Mortgage

Managing your mortgage

Managing your mortgage instead of your mortgage managing you is much easier than many people realise.  Importantly, there are some great opportunities to really save you thousands of dollars in interest and take years off your mortgage. You just need to know who to ask or what to do.

12 tips to pay off your home loan faster

The principal ways to reduce the cost of your home loan (and mortgage time frame) are:. Get a cheaper interest rate and pay only for the features you need

• Make your payments more often
• Make payments greater than the required amount - as much as you possibly can

Find out at least 12 great tips on how paying off your loan faster really is as simple as the price of your funds and a tiny bit of your own diligence at paying off your home loan faster.

Interest Rate Rise Action Plan

When the Reserve Bank lifts official interest rates as it did in November, 2007 by 0.25%, the rise flows on to variable rate home loans and took the bank's standard variable rate to 9.37%.  For the first time in January 2008, the major lenders increased their standard variable rates even further, but not by the same amounts.  For anyone with a mortgage older than 2 years, this extra rise, coupled with the 5th interest rate rise in a row means you should definitely review your home loans. Call a mortgage broker and check your options or get some great tips now at how to manage rate rises at Interest Rate Rise Action Plan.

Debt Consolidation - how does it work?

Consolidating your debts into one manageable loan can be a smart way to not only save you a lot of money but to also reduce the amount of personal finance paperwork you deal with on a monthly basis. You might have personal loans, car loans, credit cards and a mortgage. Usually these debts can be consolidated against your mortgage and of course work harder under your lower mortgage rate. Debt consolidation, however, does take a degree of discipline and finance management and while in the end, you are usually better off to consolidate your debts, you should evaluation the pros and cons found at Debt Consolidation.

Refinancing

Everyone who has a mortgage should check with their lender or mortgage broker every two years to ensure their mortgage is still the best available.  Personal circumstances often change and the lending market is very competitive with new products are being developed all the time.  Find out more about your refinancing options and how much it is likely to cost to change from one home loan to another at refinancing.

Save over $137,000 interest on a $300,000 home loan

Nearly all major lenders now offer what are commonly referred to as "Professional Packages". If you are wanting a variable interest rate loan and your home loan is of a reasonable size (more than $150,000), you will find that you can get some great discounts off the standard variable rates.  Find out how you can easily save $137,000 in interest on a $300,000 home loan.