Paying off the loan earlier and interest?
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bogart
Apprentice
Joined: 26 Jul 2005
Posts: 5
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 Posted: 12/23/07 - 05:23 Post subject: |
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| Is there any way to pay off mortgage earlier? I was suggested to pay it off quicker but I heard there are penalties if the rate is fixed. On the other side, I have flexible mortgage with high rate so I am not sure what to do? I would be easier for me if I did it faster. |
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dalton
Apprentice
Joined: 30 Jun 2004
Posts: 8
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| Posted: 01/21/08 - 23:11 Post subject: |
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| You can ask for reducing your mortgage term or you can make some overpayments. Basically you can take interest - only mortgage and make overpayments when you can. Overpayment limits are usually the same for interest-only and repayment mortgage. Maybe the best for you is to take an offset mortgage because the best interest rates are close to ordinary home loans. |
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