One of the characteristics of housing loans is their duration. The purchase of a property is not canceled at the same time as a free investment credit or that of a car; On the contrary, it is perhaps the largest credit you acquire throughout your life and, therefore, the one that takes the longest to cancel.
But, even though the term of your mortgage is twenty or thirty years, that does not mean that you cannot adopt certain strategies to reduce that term and finish paying it in less years. On the contrary, one of the main advantages of doing so is that you will pay less interest, keep your finances healthy and free yourself before the mortgage, which will allow you to be free to acquire new commitments should you wish to do so.
So what can you do to start reducing your mortgage payment? Basically, there are three habits that you can adopt and that will help you achieve it:
If you receive any additional money due to salary increases, bonuses, bonuses, inheritances, etc., allocate it to the mortgage. From now on, the priority will be to make extra subscriptions whenever it is in your possibilities. Remember that it is important to find out your bank’s policy regarding this issue to make sure everything is clear.
Pay more than the monthly fee
Each month you can review your budget and make adjustments that allow you to pay more than the fee you have to pay. For example, if instead of paying a fee, you can pay a fee and a half, this additional will be helping you advance payments.
Purchase of wallet
Even if you don’t believe it, the mortgage portfolio fee can also help you. The idea is that, if you detect a bank that offers you better conditions, that is, a lower interest rate and does not imply a longer term, you can change your credit and modify the installments so that, paying the same fee, you are canceling More of your mortgage.
If you are thinking of applying these strategies, you can search for a mortgage portfolio purchase that suits you using the Good Finance comparator, where you will get the available alternatives with a single click.