You have finally purchased a home of your own. For so many
years it seemed to be like a dream always just a little out of reach. What
happens next? You do not need to be shackled to your home loan for 25 or 30
years. Here are some useful tips to help you pay off your mortgage sooner and
achieve "true home ownership".
Pay more to get ahead
It is a very simple concept to grasp - the more you pay off
your mortgage every month the faster you will pay off your loan. Most people
think in terms of making sure they pay just enough to cover their set
repayments. By doing this you will keep your mortgage for the full loan term of
25 or 30 years. The key to paying your loan off faster is to make as many
'extra' repayments as you possibly can.
Increase the frequency of your repayments
One of the simplest and best strategies for reducing the term
and cost of your loan (and thus your exposure should interest rates rise) is to
make your repayment on a fortnightly rather than monthly basis. By splitting
your monthly repayment into fortnightly you will effectively be repaying the
same annual amount but your outstanding loan balance will reduce faster.
Amazingly enough, this change can cut thousands of dollars
and years off your mortgage.
The reason for this is that there are 26 fortnights in a
year, but only 12 months. Paying fortnightly means that you will be effectively
making 13 monthly payments every year. And this can make a big difference.
Have you considered a professional package?
Most lenders offer a range of professional packages to
clients who are prepared to pay a small monthly fee. These packages offer a
reduction to the standard variable interest rate, can come with a cheaper home
insurance, fee-free credit cards and a number of other options.
Consolidate and save
If on top of your Home
Loan Balance Transfer you also have other outstanding loans such as a
personal loan, credit cards, car loans etc. - by consolidating all your other
outstanding loans into your mortgage you can generally significantly reduce
your overall loan obligations and hence have more funds available to apply to
your mortgage.
Many lenders will allow you to re-finance - your other debt
under the umbrella of your home loan. This means that instead of paying 15 to
20 per cent on your credit card or personal loan, you can transfer these debts
to your home loan and pay it off at a home loan rate.
Utilize your available equity
Home equity is the difference between the current value of
your property and the amount you owe the lender. For example, if you have a
property worth $500,000 on which you owe $200,000, you are said to have home
equity of $300,000. In most cases you should be able to establish a line of
credit or a home equity loan to access these funds.
Generally lenders will allow you to borrow up to about 80 per
cent of the loan-to-value ratio (LVR) of your available equity. You can use
this equity to help to pay off your home loan sooner.
[Source: http://ezinearticles.com/?Home-Loan-Today---Gone-Tomorrow&id=229283]
The next technological breakthrough in neon signs and lighting was the invention of fluorescent tube coatings. These were developed by Jacques Risler, who was granted a French patent on May 26, 1926. The ultraviolet light from neon signs made with argon/mercury gases emits a lot. This light is absorbed by fluorescent coatings, which are usually placed inside tubes, and the coating (called "phosphor") glows in its own color. Although only a handful of colors were available at first to sign designers after the Second World War phosphor materials were extensively researched for their use in color televisions. In the 1960s,
ReplyDeleteMore info