t's no wonder that the Step One - Demand Better Service!
majority of homeowners
dream of one day being able
to pay off their home loan and As a loyal customer of your
live a life free from the mortgage lender isn't it about
shackles of interest rates, home time you were rewarded for your
finance and worries about meeting financial commitment, for making
the monthly mortgage payments your regular payments and for
because the largest expense the being a good, long term customer?
majority of us take on in a
lifetime is our mortgage and each
month our home finance payments Well, you can rest assured your
take a substantial chunk out of mortgage lender will not reward
our take home pay. you unless you ask for a better
deal on your mortgage!
Just think what you could do with
all the extra money you would So get on the phone, call up your
have spare if you didn't have to lender, ask to speak to someone
meet your mortgage each month! in customer services or the
Interested? Well, here are five customer retention department and
steps that you could take today explain that you're looking
to substantially slash your around for a better mortgage
mortgage repayments and the deal. Ask them for an evaluation
overall cost of your home loan of how much you have left to pay
and even speed up your rate of so that you can give it to any
repayment so that the day when one of the hundreds of other
you've paid off your home finance mortgage lenders out there all
and are free to live the life you willing to give you a better
want comes that much sooner. deal.
If you are indeed a valued to be shrewd.
customer you should receive
favourable feedback to your Look for any hidden charges or
demands and receive details of tie in clauses and make sure you
better offers currently available evaluate products offered on a
to you from your current lender. like for like basis taking into
account all the features of the
Remember, if you don't ask you mortgage offers available.
don't get and be adamant about
what you want! Step Three - Call in the Cavalry.
Step Two - Shop Around.
Well, not the cavalry exactly but
If step one doesn't get you the expert assistance in the form of
deal you deserve, shop around. a licensed and regulated fee free
There really are well in excess independent mortgage broker. In
of a hundred lenders out there the UK these guys are now
all seeking new customers who regulated by the Financial
will offer you incentives to take Services Authority and in the US
up their mortgage product. they should come under the scope
of The Responsible Lending Act.
Use the internet to get an idea
of rates being offered and As independent brokers they have
special deals available to you. access to and understanding of
Do remember that lenders will do every single mortgage product
everything they can to make their available and they should be best
deal seem like the most placed to assist you find a
attractive one available and do better deal than the one you have
everything within their power to now where your repayments will be
attract new customers so you need less, your interest rate will be
lower and the amount you repay
over the entire duration of your You could literally save yourself
loan is reduced. thousands each year in insurance
premiums!
Make sure your broker is fee free
and remunerated by any company Step Five - Throw Some Money at
you decide to take a mortgage out It
with. More importantly than this,
make sure they are regulated and So, you've cut your interest rate
licensed correctly and if down to size, reduced your
possible ask for professional monthly repayments, maybe
references or testimonials. received a cash lump sum from a
new lender and saved yourself
Step Four - Cut Out All Extras thousands on insurance products -
now turn all those savings back
Mortgage lenders are notorious into your mortgage and repay
for selling overpriced add-ons early.
such as life insurance, home
insurance, contents insurance, Make sure you have it negotiated
income protection cover...all into your new mortgage contract
these insurances have their value that you can make early repayment
of course - but you can bet your or lump sum annual top ups and
bottom dollar that you can every get rid of the millstone round
last one of them for a fraction your neck, free yourself from
of the price by going directly to your largest financial commitment
an independent insurance house or as soon as possible and save
even seeking the services of an thousands in interest payments
independent financial adviser to and enjoy freedom of life once
find you the best deal available. again!
About the Author:
Rhiannon Williamson is a freelance writer whose articles about property investing and emerging real estate markets have appeared in publications around the world. She is currently working on a brand new property investment resource http://www.amberlamb.com/
Source: www.isnare.com
