Do you wish there was a way to own your home sooner – without a mortgage? Do you often wonder what it would be like to worry less about your repayments, and more about planning your next holiday?
What if there was a way to reduce the length of your loan, without making huge financial sacrifices?
Well, the good news is that there are six steps you can implement today that will make a huge difference to the time it takes you to pay off your loan.
Last week we discussed the importance of shopping around to make sure you have the best loan in the first place. A small saving now could translate to enormous financial and time savings over the life of your loan.
Today there is another simple step that can really make a difference to the amount of interest you pay on your loan. And it’s as simple as changing the channel on your TV. (Well, almost!)
Change your repayment frequency.
Lenders calculate the interest on your loan daily. So even though your repayments might be made on a monthly basis, your interest is accruing all the time – even while you sleep.
By changing your repayments to come out fortnightly, you’ll pay your loan off faster. You will also reduce the total amount that you pay on your loan.
This could mean reaching your financial goals a little sooner, and having more money in your pocket at the end of the day.
Stay tuned for your next step to becoming mortgage free!