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How To Obtain The Best Offset Mortgage

This article will briefly discuss what an offset mortgage is; and how an independent mortgage advisor can help you buy the best offset mortgage.

An offset mortgage links your main current account and/or savings accounts to your mortgage. Every day or month, the amount owed on your mortgage is reduced by the amount in these accounts, before the interest is calculated on the loan. When the money in your savings/current account increases, you pay less on your mortgage. If the...

best offset mortgage, offset mortgage, offset mortgages, mortgages

This article will briefly discuss what an offset mortgage is; and how an independent mortgage advisor can help you buy the best offset mortgage.

An offset mortgage links your main current account and/or savings accounts to your mortgage. Every day or month, the amount owed on your mortgage is reduced by the amount in these accounts, before the interest is calculated on the loan. When the money in your savings/current account increases, you pay less on your mortgage. If the money in your savings/current account decreases, you pay more on your mortgage.

When it comes to finding the best offset mortgage, it pays to have expert advice because there is more to a mortgage deal than meets the eye. Your mortgage will probably be the largest financial commitment in your life, and it pays to take time to look at the different options available to you.

There are different types of offset mortgages available on the market. You could look at ‘best buy mortgage tables’ to find the best offset mortgage, but that only gives you superficial information. It doesn’t show you the mortgage’s flexibility; i.e. the ability to underpay, take payment holidays, or overpay, or what the fees and charges are. In the last couple of years, fees for mortgages have increased. Fees can be in excess of £1000, and several mortgage providers are now charging fees as a percentage of the sum being borrowed, for example: a 2% fee on someone borrowing £120,000 on a new low two-year fixed rate deal would pay £2,400. Once fees are taken into account, the best offset mortgage deal may not be the one with the lowest interest rate.

Recent research has shown that the best offset mortgage is not necessarily offered by the top 10 biggest mortgage lenders. The top 10 mortgage lenders offered only 11% of the best 250 mortgage deals available on the market, despite the top 10 having more than a 60% share of the mortgage market. To guide you through this myriad amount of information available, an independent mortgage broker will give you impartial advice about the best offset mortgage, as they have comprehensive knowledge of the mortgage market. A mortgage broker is fully authorized by the Financial Services Authority (FSA) and they have the necessary qualifications to advise you.

Your mortgage broker will perform a ‘factfind’ to learn about your financial situation and circumstances, and your wants and needs. Your broker will assess your ability to repay the mortgage, your credit history and credit scoring profile. Offset mortgages are usually calculated on an affordability basis and not on a simple income multiplier, which allows people with ad hoc financial income, such as a self-employed person, to possibly obtain a larger mortgage than with a standard, more traditional mortgage. All of the information you provide will help your broker obtain the best offset mortgage available for you on the market.

After the best offset mortgage has been sourced for you, your independent mortgage broker will provide you with written details about the mortgage, which will include:

- How much you want to borrow
- The type of offset mortgage you’re interested in
- A description of the mortgage; who the lender is and the interest rate
- Overall cost of the mortgage including the fees
- How much your payment would be if the interest rates increased
- The flexibility of your offset mortgage

An independent mortgage adviser will answer any questions you have and ensure you have all the necessary information about the mortgage market. It is worth spending time with them, as they are there to help you find the best offset mortgage.Resources

 

How To Pay Off Your 30 Year Mortgage In 12 Years?

Is the thought of making 360 monthly mortgage payments getting the best of you? Will the feeling of helplessness
just not let up?

Are you frustrated out of your mind when you think about all of the years you'll be making those huge mortgage payments and all of the $100,000's of interest charges that lie BEFORE YOU?

Have you tried everything from bi-weekly mortgage schemes, answering every internet refinance advertisement, sending the bank another $20 with each monthly ...

mortgage acceleration,early mortgage payoff,payoff my mortgage,pay off my home,personal finance

Is the thought of making 360 monthly mortgage payments getting the best of you? Will the feeling of helplessness
just not let up?

Are you frustrated out of your mind when you think about all of the years you'll be making those huge mortgage payments and all of the $100,000's of interest charges that lie BEFORE YOU?

Have you tried everything from bi-weekly mortgage schemes, answering every internet refinance advertisement, sending the bank another $20 with each monthly payment, etc. to payoff your mortgage early -- with little or no results?

And if you are like most Americans, you only stay in your home for an average of 5-7 years before you move to a new home. And then you start the thirty year mortgage process all over AGAIN!

How can you ever get financially ahead and pay off your mortgage if you keep beginning the process over and over again?

Well, what if your mortgage lender called you today and said something like...

"if you qualify for our new mortgage acceleration program, we would like to cut up to 18-22 years off your mortgage term. And we're not going to change anything at all with your current payments"...

What would you say to an offer like that?

Is there even one homeowner in America that would honestly say "NO" to that program?

That's right.

There is an easy way to payoff your mortgage in as little as 12 years or even LESS. With no refinancing your current mortgage and without sending your lender larger or more frequent payments.

That is true whatever type of mortgage that you have -- even if it is a fixed or an adjustable mortgage rate, 30 or even 40 years long, whether your mortgage balance is only $100,000 or over one million. It doesn't matter.

And if you have credit card debt that makes you feel like you are drowning in high interest rates that result in huge monthly minimum payments, you can solve that problem as well.

In fact, I would suggest getting rid of that debt before starting to payoff your mortgage debt since personal credit card debt is non deductible off your income taxes.

I'm often asked questions like, are you sure that I don't have to get a NEW mortgage? Do I have higher monthly expenses so that I have to change my current lifestyle? Am I ever locked into anything?

The answer to all of those questions is NO!

Well why hasn't my bank told me how I can pay off my mortgage in less than half the time it takes your neighbors?

Let me ask you? Why would they? Why would they want to stop getting 30 years of interest income (your payments) and just settle for 7-14 years of payments? It is not to the lender's benefit to tell you how get become debt free!

Did you know that with a 30 year mortgage at 7%, that about 80% of all your mortgage payments during the first 5 years of the loan are interest.

Did you know that it isn't until some point in the 20th year that even half of your monthly mortgage payment goes towards paying down you principle (your loan balance)?

Let me give you an example of a typical client:

Mr. and Mrs. Smith earn $3,000 combined every two weeks in take-home pay (after taxes and benefits). Their normal monthly bills (excluding the mortgage) run $3,000 each month.

They live in a home worth $250,000 with a $200,000 current mortgage balance with 25 years remaining on the loan. Their loan interest rate is 6.25% with a monthly payment of $1,539 (excluding taxes and insurance).

With this set of assumptions, how long would it take the Smiths to FULLY pay off their mortgage with this financial strategy?

Just under 10 years!!

How much interest would the Smiths save over their 30 year original mortgage plan without using this strategy?

$261,700

So they saved over a quarter of a million dollars in interest and saved years of writing and mailing those hefty monthly mortgage checks! After paying off their mortgage, they get to keep that $1,539 payment every month and use if for their kid's college or to prepare for retirement, travel or whatever they want!

All with no re-financing and without sending larger or more frequent payments to the lender. They were never locked into anything and retained complete flexibility.

And your interest savings could be much much more -- especially if you have a jumbo mortgage or have a higher interest rate.

There's an old saying that those who understand interest, collect it while those who don't... pay it!

To learn more about how you can pay off your mortgage quicker than you ever thought possible, please visit the website listed in the author BIO box.

 

How to Pay off Your Mortgage Early

A mortgage is generally one of the biggest debts that a person faces in life, and a large part of that expense is due to the interest that is added on as time goes by.

Mortgage Quote, Mortgage Rate, Mortgage Interest Rate, Mortgage Lender, Mortgage Loan, Mortgage Backed Securities, Real Estate, Home Loan

A mortgage is generally one of the biggest debts that a person faces in life, and a large part of that expense is due to the interest that is added on as time goes by. Most homeowners would gladly reduce that debt if the opportunity presented itself, though they do not realize that the key to reducing their mortgage debt lies in reducing the amount of interest that they pay on their mortgage. By paying off their mortgage months or even years in advance, all of the interest that they would have had to pay during that time obviously will not have to be paid. Also, the interest that will be paid will be at a reduced rate because they are reducing the total amount that the interest is applied to at a much faster rate.

The trick, of course, comes in figuring out a way to pay off the mortgage early. For individuals who live on a tight budget as it is, the thought of paying even more toward their mortgage may seem almost laughable. There are a number of ways that homeowners can pay down their overall mortgage in order to pay it off early without having to cause a strain on their finances, as well as services which can assist them in doing so if they aren't able to accomplish it on their own. Here are just a few examples of how a mortgage can be paid off early without causing undue financial strain.

<b>Setting Aside Partial Payments</b><br>

One easy way to pay off your mortgage early and possibly even make your finances easier to handle is to simply put aside a portion of your mortgage payment from each paycheck (or even from every other paycheck, if you get paid weekly.) If you put aside approximately half of your mortgage payment every other week, you'll end up saving the equivalent of an extra payment every year. Setting aside slightly more than half will cause an even greater savings, causing you to pay down your mortgage at an even faster rate. Depending upon the length of your mortgage term and when you start this savings plan, you can cut months or even years off of your mortgage. All that you have to do is pay whatever you have put aside each time your mortgage comes due (which should cause you to end up with a few payments that are significantly more than the minimum payment.)

<b>Additional Payments at Tax Season</b><br>

If you don't like the idea of having to keep track of savings over the course of the year, you might use income tax returns to help you to make up the difference. For many people, the amount that they receive in their tax returns is significantly more than their mortgage payment. While you may have at least some of your tax money earmarked for specific purchases or to pay off other debts, using part of that money to make the equivalent of an extra mortgage payment once per year can significantly reduce how much you owe. If you can afford to contribute more than just the amount of one payment or if you use this in conjunction with the savings plan mentioned above you can pay off your mortgage even faster.

<b>Using Interest to Fight Interest</b><br>

If you have a high-interest savings account, you can use that interest to help you pay off your mortgage ahead of time. Once or twice per year, pull out money from your savings that's equivalent to part of the interest that you've accrued and add it in with your mortgage payment. Provided that you have a high enough savings balance you should be able to make a significant impact on your mortgage debt by doing this. Over the course of the year the amount that you add to your mortgage payments could potentially equal an entire extra payment or more.

<b>Bi-Weekly Mortgage Services</b><br>

Should you worry that you can't keep yourself motivated to keep making these extra payments, you might consider using a bi-weekly mortgage service. These services automatically withdraw one half of your mortgage payment from your checking account every two weeks, and then make your payment for you when it comes due. The system works similar to the paycheck savings plan mentioned above, but since you have an outside company doing the work for you all that you have to do is make sure that you have the money in your account to cover the withdrawals. Though the services do charge fees to cover their costs, the amount that you save in interest payments will be significantly more than what you pay to the service.

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