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It’s a good idea to check things like your level of repayments or your interest rate from time to time. You could do this when your fixed rate loan is about to expire, when there is a big change such as a new job, when you get a big lump sum such as an inheritance, or just once every year or two.

Are you still making mortgage payments which are as big as you can comfortably afford? Cash put towards reducing your mortgage balance is a much better deal financially than cash put into a savings scheme. Putting money towards your mortgage provides the equivalent risk-free return of a savings account which pays an after-tax interest rate the same as your home loan. Put another way, if your mortgage rate is 8 percent, putting money into a savings account only make sense if you can find a no-risk savings account which pays more than 8 percent after tax! Check our Mortgage Tools to help you find our the best program according to your financial goal.

Even boosting your repayments by the equivalent of $25 per week may save you thousands of dollars’ interest, and let you become mortgage free months or years earlier. You can see how much lifting your repayment will save you with our Mortgage Tools.

While a long-term focus of paying off the debt quickly will save you money, there are some occasions when using the flexibility and relatively low interest charges of a mortgage to fund something other than a home is worthwhile. For example, if you don’t have the cash to replace a home appliance, using your mortgage to do it will be better than paying a credit card interest rate of 19 percent or a hire purchase rate even higher.

This option is best kept for necessities. Borrowing against your mortgage to pay for luxuries like a boat or an overseas holiday will just make the cost of those things far higher.

Whenever you are considering using your mortgage like this, check the fees and interest rates to work out the real cost..

Sometimes, changing the structure of your mortgage could save you money. You might switch some or all of your loan from a floating rate to a cheaper fixed rate, for example, or you might take your mortgage to another lender altogether.

You’ll need to look at the costs and the possible savings carefully. Your existing lender, another lender, or a mortgage broker could help. Switching from one type of loan to another with your existing lender might come with a fee of a few hundred dollars, which you could try to negotiate down.  For free assessment and review of your existing loan, please email us at broker@premierfundingloans.com or Contact us anytime.

Shifting your home loan to another lender may or may not cost a lot more, depending on the lender, the deal being offered and the circumstances.

Possible costs to consider include prepayment penalty  if your loan has prepayment and  closing costs.  But you will not always face all of these. To get your new business, a lender may waive its application fee.

You could add up the costs, then look at the potential savings and work out how long it would take for the savings to cover the costs. If it would take a long time for the savings to outweigh the costs, be cautious. Other things like interest rates could change in the meantime. For complete review of your loan, please feel free to Contact us for free advice. Our  Loan Officers are ready to help you free of charge and no obligation to do business with us. You can also post your questions to our website or email us at broker@premierfundingloans.com.

THIS IS MONEY has an array of tables and calculators that enable you to work out which deal best suits your needs and what you can expect to pay.

When fixed rates appear cheaper than the best ARM programs, it is typically a sign that lenders expect the base rate to fall soon. If the lenders are right, it would signal a fall in  variable rates, too. But advisers generally tell borrowers to avoid trying to guess the direction of interest rate changes and choose a fixed rate if they want to know precisely how much their mortgage will cost each month.

THE internet gives borrowers the opportunity to calculate complicated compound interest at the click of a mouse. Our website offers variety of information that can help you in all aspects of mortgage financing. You can also speak to our live Loan Officer that can answer your questions, if you have some or post your questions to our website and get an answer in 24 hours.

For instance, borrowers may  use our Mortgage Tools to identify the right program according to financial goals.

OVERPAYING a mortgage is not only sensible from a risk viewpoint, but can be tax efficient, too. Penalty-free overpayments are allowed with flexible mortgages and by home loans that have an offset facility where savings or a current account surplus reduce mortgage debt. The advantage is that the overpayment may be accessed if needed.

Overpaying is tax efficient because the benefit is equivalent to the rate the borrower pays on the loan. To get the equivalent benefit of overpaying a mortgage charged at 4.5%, for instance, a basic-rate taxpayer would have to find a deposit account paying 5.625% gross. A higher-rate taxpayer would have to earn 7.5% gross.  For complete evaluation of your loan, you can Contact us anytime free of charge.

MOST lenders allow repayments of capital, sometimes limited to a proportion of the loan outstanding per year. But beware - this is not like overpaying, because the money cannot be accessed again without remortgaging and withdrawing equity.

Unless you have a mortgage that allows overpayments, don't pay off chunks of the debt unless you are quite certain you will not need that money again. Equity Line of Credit is a loan where you can have accessed to the line amount, just like your credit cards. We can also show you ways to payoff your loan without paying lump sum. Our Mortgage Tools ways how to manage your mortgage and will receive a complete review and analysis of your available options.

BORROWERS may usually choose how long they wish to take to pay off the debt. In an ideal world, the mortgage should be whittled down to a manageable size ahead of a borrower's retirement. The shorter the term, the better. Not only is the mortgage cleared early, but the overall cost of the debt is diminished. Monthly repayments are necessarily higher to repay the loan at shorter period of time. Check our Mortgage Tools to know how it works. Post your questions and we will be giving you an answer within 24 hours.

KEEP the equivalent of three months' mortgage payments in ready savings as a buffer. Where part or all of a mortgage is interest-only, check every six months that the repayment vehicle earmarked to clear the debt.  You can have that buffer invested into other asset accumulating investment. Check our Mortgage Tools to help you how to do it.

If you’re having trouble making ends meet, the first thing is to put together a budget to see where your money is going. You can use the Mortgage Tools to see your options. For personal advice you could Contact us and we will be here to help you.

If you think you’ll miss a mortgage payment, get in touch with the lender quickly. They can tell you what the options are. Perhaps you might just pay the interest on the loan for a few months until you’ve got your finances back on track.

If you’ve borrowed too much and the value of the property has fallen, you may find that you have “negative equity”, where the money you owe is more than the home is worth.

If there is no way you can keep the mortgage going or you walk away from it, the lender may take the home to a “mortgagee sale” to recover their money.

Any money left over from the sale after all the costs are paid will be paid to you. If there’s not enough money to repay the mortgage, the lender may take action to get the rest of the money from you. The bank may be able to claim any money you hold in other accounts if you are behind in payments on the mortgage – it depends on the wording in the documents. The lender usually can (and probably will) also pursue any guarantor for the loan. Before it’s too late, Contact us for free advice. Our advice is free of charge and no obligation to do business with us.