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Securing the lowest interest rate for your home loan can save you $1,000s over the course of your term. However, a low interest rate is not the only way to save big. Did you know the word ‘mortgage’ is actually a combination of two French words: the word ‘Mortwhich’ means ‘death’, and the word ‘gagewhich’ means ‘pledge’. So in effect, a mortgage is a “death-pledge”. Don’t let your home loan be your biggest nightmare.
Banks & other lenders will generally structure a home loan for a maximum of 25 to 30 years. This allows them to maximize the interest income they will receive from you. Keep in mind this also allows you to borrow the maximum given your financial situation and borrowing requirements. At Mortgage Mantra, we can guide down a different path.
Reducing the mortgage term and the amount of interest you pay over the life of your mortgage, is quite a straightforward process. By applying a few basic strategies, one can pay off their home loan in less than the mandated time.