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How Can I Save on My Home Loan?
Property prices have skyrocketed the last few years. This is good news for property owners, but new home buyers will have to pay a lot more today.
Here are a few tips on saving money on your mortgage:
- Make a larger deposit - this leave less capital to be financed and less interest being charged
- Make additional payments - You would be surprised to know that even an extra R250.00 per month could result in years off your original loan period.
- Lower your interest rate - by lowering your current interest rate and still paying the same monthly payments, you would in effect be paying more than the required amount every month, again saving on additional interest.
To see the effect of increased installments, try ABSA's Calculator.
By making use of a mortgage originator, you will get lower interest rates and more professional advice. Apply online today!
