Buyers looking to invest in Morningside real estate will benefit from these easy hints to pay off a home loan quicker.
Put lump sum payments straight into your mortgage account
It's tempting to spend extra money as soon as it comes in, but tax refunds, bonuses and other funds can all be deposited directly into your mortgage account. Doing this can take years of interest off the loan term, and because it's not technically part of your income, you won't even miss it from your bank account.
Increase the frequency of your repayments
Making fortnightly repayments instead of monthly ones could cut more than four years off a 25 year term loan, according to Property Observer. Making more frequent payments will help you build equity on your home and also save on interest payments.
Regularly check the health of your mortgage
Take the time to inspect the state of your mortgage to ensure it is still the best fit for you and your financial condition – what worked for you ten years ago may not be the right option now. If in doubt, talk to an expert.
Following these tips may help you pay off your home loan more quickly and save money, which could make getting your own piece of the property pie easier than ever before.