At Mortgage Innovations, we’re committed to helping you achieve your homeownership goals. One of the most significant financial burdens associated with owning a home is the mortgage payment. Homeownership should be something to celebrate, so we wanted to share several effective strategies to reduce your mortgage burden and save money over time.
- Make Extra Payments:
- Even small additional payments can significantly reduce your mortgage term and interest costs. Consider setting aside a portion of your income each month to make extra payments towards your principal.
- Refinance:
- Refinancing can help you secure a lower interest rate and potentially save thousands of dollars. This is something our team are experts in! Plus, we advise you of any closing costs and any prepayment penalties to make this more realistic for you.
- Consider a Shorter Term:
- While a shorter mortgage term often comes with higher monthly payments, it can result in substantial interest savings over the life of the loan. If your budget allows, we will help you explore the possibility of refinancing to a shorter term.
- Shop Around for Home Insurance:
- Comparing quotes from different insurance providers can help you find the most competitive rates for your home insurance. Saving on insurance can free up more money to put towards your mortgage.
- Improve Your Credit Score:
- A higher credit score can qualify you for better interest rates on your mortgage. By improving your creditworthiness, you can potentially lower your monthly payments and save money over the long term.
Our experienced mortgage brokers (the best on the Gold Coast) can help you not only find ways to save money, but implement these strategies and find the best mortgage solution for your individual needs. Contact us today to see how we can support you.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
