cut years off your mortgage

Shred Your Mortgage

Most people when they start their first mortgage just take thirty years repayment terms which banks offer. This means minimum repayments but longest term.  If after saving for deposit for say five year and starting your mortgage at some age in early thirties, youmay not be finishing your mortgage till age of 65 years.

So how to cut years off your mortgage?  Asking a home owner if they want to cut years off their mortgage seems a superfluous question, but in reality many borrowers are not taking the simple step that will cut years off their mortgage span making them debt free faster. 

Most banks would prefer home buyers continue paying their mortgage for long, as it means more interest revenue for them. But a few prudent actions can make you deviate from this standard repayment term andsave a lot in your interest cost making you pay off your loan faster...
Mortgage payments can be made as often as every two weeks or even weekly. By increasing your payment frequency, you can potentially save thousands of dollars and cut years off of your amortization schedule. Most banks offer accelerated payment schedules, but it is up to you to take the initiative.

Reliance Financial Solutions will be happy to look into your home loan structure and your entire financial situation and come out with a comprehensive plan which includes restructuring your loan, changing repayment frequency and amount,  refinancing if necessary,  budgeting advice and  financial coaching that will enable you to finish your mortgage much faster than what you are currently doing.
We will also inform you of this option when helping you find thebest mortgage option to suit your individual needs.