The typical homeowner may think that mortgage acceleration is the act toward reducing the indebtedness on residential property by making larger repayments or more frequent ones than the loan contract requires. The short answer would be this is correct. Mortgage acceleration simply put means to speed up the process for paying off the loan. The part that becomes a little vague, or downright mysterious, is just what method is the most effective to accomplish this.
Creative Methods for Mortgage Acceleration
There are several hot methods that have hit the mortgage marketplace in recent years that make even 15-year fixed rate mortgages with bi-weekly payments look like financial dinosaurs. Although critics of these financing methods claim them too good to be true, the actual review dictates that when conducted with the proper information and education, many of the proposed goals stated from applying mortgage acceleration tactics are reasonably achievable.
How Can These Practices Benefit a Homeowner?
Through restructuring a mortgage correctly, an average homeowner can repay the loan in seven to 15 years. There is no sacrifice in living expenses made and, in fact, can cut total debt in half. Hearing this statement elicits instant disbelief from most responders wondering if the statement is true, then why s it not prevalently known to all? Good question! Most believe there is some insidious catch to the practice, its probably fraudulent, illegal or, at best, quite unethical. Not true!
Mortgage History Shows Conservative Mindset
The lending of money has always been mostly a conservative activity. Yes, some venture capitalists take high risks lending money but require great rewards doing so. The home mortgage market has been relatively a conservative arena based upon business practices that basically benefited the lender first. Traditional mortgages 100 years ago called for a 50 percent down payment that our grandparents slaved years to save. Our parents faired a little better, but never dreamed of no-money down arrangements or ever saw a plethora of mortgage products such as adjustable rate mortgages or interest only mortgage loans. And more recently, use of negative amortization loans have become popular mortgage vehicles for short-term real estate investments. Traditional products like a 30-year fixed mortgage possess an amortization schedule that favours the lender. However, in recent years some clever people discovered inside lending institution secrets that could help consumers win the interest war.
Interest Only Mortgage Is Key
At the heart of any successful mortgage acceleration process is an interest-only loan. About 20 years ago in Australia, someone discovered that if an interest-only loan was obtained and repaid in a specific way will allow a consumer to pay down all personal debts three times faster than associated with conventional financing. It requires a great deal of discipline including gaining a month ahead for repayment of an interest-only loan and also associated depositing money, a pay check, into an interest-bearing account. Additionally, through making your loan repayments earlier than required, you can essentially prevent any additional interest from accruing.
Home Equity Line of Credit (HELOC)
This is the vehicle that allows a consumer to deposit money directly into an account that consolidates all your debt mortgage, credit cards, auto loans into one vehicle that allows you the draw off the balance of this loan using checks or a debit card.
Check with your trusted mortgage broker for greater details about mortgage acceleration.
The most important, and most expensive, purchase most of us make during our lifetime is our home – whether it’s a modern city apartment, a pretty suburban house or a heritage home somewhere in a rural area of surpassing beauty. Those in the know have been known to state that the third most stressful activity for us humans after death and divorce is buying or selling a residential property. It’s not just the paperwork, the search for the right home or the right buyer and the stress of the move itself, it’s because, if we’re buying, it has to be perfect and, if we’re selling, we’re letting go of a part of ourselves.
Everyone’s heard the best-known buzzwords in the real estate sector by now – location, location, location! It’s only too true, and only too tricky to get right without professional help. If local authority planning offices aren’t checked carefully, that magnificent view over green acres can turn into the latest version of condo-land or a factory estate almost overnight. Establishing correct land titles and other legal nightmares aren’t for amateurs, and a brand new paint job inside and outside doesn’t mean the foundations are safe!
Over the years, estate agents in general haven’t had a good press, perhaps unfairly in a good few cases. Many real estate agents are long-established family businesses now being run by the adult children of their founders, and know the community and its housing and commercial stock as well as their own back gardens. They’re caring, trustworthy and professional, and finding a good one isn’t that tough, especially if you live in Brisbane. If you’re looking for a choice of real estate agents, Brisbane is well supplied with a long list, and you’ll find Calibre Real Estate right at the top.
These good people don’t just care about profits or targets as to the number of homes sold! They care about the buyers and sellers as regards finding them a home they’re overjoyed with or the right price as part of a hassle-free sale. They’re also experts in property management, offering a first-class service to buy-to-let investors, commercial property owners or those needing to let their home in order to work elsewhere in Australia or overseas for a period of time. For the letting of commercial properties, an experienced Brisbane property manager is essential, and Calibre’s team will take care of everything including overseeing rental payments and dealing with maintenance issues.
Leasing, whether it’s a commercial property or rental home, is a complicated procedure best left to the experts, and involves maximizing rental yields as well as making sure the lessee is financially viable. Time frames are important, as property standing empty can deteriorate fast as well as generating no income. Calibre’s excellent marketing strategies utilize signage, print, online and email marketing to their broad database of clients as well as to prospective tenants.
Throughout the process, owners are kept informed of the level of interest garnered by ads and enquiries by interested parties, and advice is given on any adjustments to the strategy which might be needed. Importantly, your approval will be needed before any changes are made. Once a tenant has been found, Calibre can undertake all aspects of property management on your behalf, with bi-monthly financial statements and reports by email and regular post all part of the service. They’ll also take care of maintenance issues and all payments related to the property such as insurance, water and council rates, leaving you to relax and enjoy the income without worry.
About the Author
The Author is an expert Property Management and focus on Property Brisbane property manager.
Are you in search of a good construction company then the firm Dynabuild will be your perfect choice. This firm is providing the Unique and genuine services to its clients since many years and each and every client of this firm were highly satisfied with their services. No doubt in it, you will definitely feel highly satisfied on availing their construction services. You can also see their customer reviews in order to know how fabulous their services will be. Another benefit of approaching this firm is it has the best team who will support you by providing friendly and dedicated services.
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