As the cost of housing continues to rise more people, even those that are wealthy, are looking for relief wherever possible.
Borrowing money to buy a home is expensive but with a few smart strategies you can reduce your monthly mortgage payments and how much you pay for your house over time. In this three-part post we will look at 9 tips to help you save money on your mortgage.
Make regular extra payments
If it is within your budget to add a little extra to your monthly payments, then you should because this is one of the surest and fastest ways to reduce the amount you pay for interest over time. If you aren’t sure how much extra you need to pay to make a difference, try using a loan calculator or loan calculator app.
Make extra one-time payments
If you come into a large sum of money through a tax refund, or inheritance for example, you can take a chunk of it and put it towards your mortgage. No matter what the amount, the positive is that it will be that specific amount lower than it would have been for every remaining month.
Refinance your mortgage
This one is a little tricky so you need to establish what your goals are in terms of the reductions you seek. You need to know if you are looking to lower payments or lower your long term costs. If you decide to refinance your mortgage chances are you will be able to lower your monthly payments, and if that is your goal then this option is for you.
Lookout for part 1 of our post where we discuss three more ways to save on your mortgage.
If you’re in the market for a new home in Ghana or Nigeria look no further than Mobus Property. We offer a range of world-class developments in prime locations. Contact us today for more information.
Contact Mobus Property for more information.
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