How 1ONEFUND Can Help You Save Money on Your Mortgage
One of the biggest financial commitments one will make is buying a house. However, when it comes to making mortgage repayments, most people tend to make mistakes. The mortgage brokers at 1ONEFUND Financial can help you save money on your mortgage. Below-mentioned is tips on how one can do that:
- Have a clear budget in mind
If you are looking to save money, you need to create a budget and most importantly stick to it. Most people tend to overspend and fail to comprehend that they can live without living lavishly. One way of effectively saving on your mortgage is creating a monthly budget and sticking to it. Reduce all your unnecessary expenses that would inflate the budget.
- Maintain savings on your mortgage
It’s very surprising how many families have one or more savings accounts and paying for a mortgage at the same time. Even if it is only a small amount, why pay tax on interest earned from these accounts? Technology in recent times has given us the freedom to have more control over our bank accounts. Instead of putting all your savings in a separate account, save the additional funds on your mortgage where it can decrease your interest repayment, while at the same time still being available for you to access whenever you need it.
- Place your income in an offset account
You are saving interest every day when your income is resting in an offset account. This is because, the interest is calculated daily, but only charged monthly. Even if you do happen to spend a large portion of your income by the end of the month, which you shouldn’t ideally, you can still pay your mortgage off immediately by depositing the income into an offset account to reduce your interest payments.
- Review your costs frequently
Once you get an idea of how much you are spending, it is easy to reduce your expenses. For instance, always be on the lookout for better deals and savings. Like, when purchasing household items, research various shopping sites and find the best deals. Eliminate any redundant costs, and question yourself if you need a certain product or service.
- Keep an eye on your financial position regularly
The ones that are financially stable and successful all have one thing in common. They are aware of where they stand financially. Individuals who are financially unstable or do not have an idea where their finances are at any given point in time need to review their financial position frequently. They shouldn’t be taken aback when they know exactly what money is coming in and what are the expenses.
It is highly that you might need to apply for a mortgage to purchase your dream home. This does not have to be financially stressful. Remember to keep the above-mentioned tips in mind to help save money on your mortgage. For further information on mortgages or to speak with our professional mortgage brokers, please do not hesitate to reach out to us today.