3 Steps You Must Do If You Want To Pay Off Your Mortgage Early

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All Australia home buyers use a mortgage, that only benefits banks and mortgage companies. Now a revolutionary mortgage program is available that will show them how to pay off their home mortgage in as little as 7 years.

Money Principal Group, a company located in Utah, founded by Ariel Metekingi. Their premier innovative mortgage product, The Mortgage Eliminator, is based on a 30 year+ proven Australian industry standard and model in use by over a third of homeowners in that country.

This powerful new tool to combat the current financial plague of debt combines a mortgage and a full-service bank account. The new “all-inclusive” type loan creates huge savings in interest payments and loan payoffs in one-half to one-third the time requiring little to no change to current spending habits or income.

How does it work? Homeowners deposit income and other assets into the new mortgage account and since it allows access like a checking account, expenses are paid out from it by check or ATM card. The fundamental part is, that when the homeowners’ money isn’t being used it sits in the mortgage account, reducing the daily loan balance on which interest is computed. This saves on average hundreds of thousands in interest over the life a typical loan and reducing interest means more money for principal; so the homeowner builds equity faster and owns their home sooner.

There are three steps that the consumer can take, in order to reduce their mortgage payout and enjoy a home paid off in as little as 7 years.

1. Decide what your goals are

One of the first steps with The Mortgage Eliminator program is to have a clearer picture of where you are heading financially-speaking, and decide on what kind of goals you’d like to reach. First take a look at where you were five years ago. What kind of expectations did you have than? Did you plan on certain things to happen by now? If they didn’t happen, do you have the willingness to make changes to reach those goals?

 

Using your flexible mortgage account through The Mortgage Eliminator can greatly increase your ability to save interest and money and free up resources to help you reach those goals. And it doesn’t have to drastically change your spending habits or current household income. Just determine your budget and where the money you make is spent in your life.

2. Set up a budget

The next step in paying off your mortgage quickly is to look at your current spending habits and create a budget. How difficult is this? That depends on your level of commitment and your ability to discipline yourself into reviewing your budget.

One way that helps homeowners is through the included budgeting software and personal coaching and review available with The Mortgage Eliminator, from Money Principal Group. With The Mortgage Eliminator, you’re given that important part, a coach to review, create and stick to a budget that creates positive cash flow, which will take you to the next steps of paying off your mortgage in less time, without any change to your current income or spending habits.

3. Get a financial review and analysis

In order to determine just how quickly you can pay off your current debts and mortgage (or how fast you can pay off your first home, if you’re a first-timer), a financial “snapshot” or review must be completed. Taking a look at your entire picture of income, debts, and how it relates to your goals, is the crucial step, in determining how best you should start your plan.

What is the strategically best way for you to reach your goals? With a financial review and analysis from Money Principal Group, a plan is created to show you the best options that HELPS YOU in reaching those goals quickly. Only a loan that SAVES YOU MONEY is offered and if it doesn’t make strategic, financially sound sense for you, it’s not offered and a different course of action is suggested.

For more information on how you can be debt-free and pay off your home mortgage in as little as 7 years, and experience the savings with the Money Principal Program using their proprietary calculator, visit www.PDXLoan.com or call 1-800-862-0784 ext 21.

 

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Knowing When You Are Ready To Buy

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All across Australia, there are millions of people looking to a buy home – either now or in the future. Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home. When most people stop and give it some thought – buying a home makes a lot more sense than renting a home or an apartment.

In order to buy a house, you’ll need to start saving your money and have enough for the closing costs and a down payment.  You should always best try to have 20% to put down as your down payment. If you aren’t able to put 20% down, you’ll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment.

In most cases, the closing costs will run you around 5% of the property price. Before you purchase the home, you should always get an estimate. An estimate won’t be the exact price, although it will be really close. You should always plan to save up a bit more money than you need, just to be on the safe side. It’s always best to have more than enough than not enough.

You’ll know your ready to buy a home when you know exactly how much you can afford, and you’re willing to stick with your plan. When you buy a home and get your monthly mortgage payment, it shouldn’t be any more than 25% of your total monthly income. Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so – but stick to your budget instead.

Keep in mind that there is always more money involved with a home other than the mortgage payment. You also have to pay for utilities, homeowners insurance, property taxes, and maintenance. Owning and caring for a home requires a lot of responsibility. If you’ve never owned a home before, it can take a bit of time to get used to.

Before you fill out any applications, you should always look over your credit report and check for any errors. Although you may think you don’t, you can easily get an error on your credit report and not even realize it.  If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track. Rebuilding credit can take time though, sometimes even years. You should always plan ahead – and give yourself plenty of time to fix your credit.

 

Credit Crunch Looms Over Interest Only Borrowers

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While many Australians are looking forward to this new year to start afresh, there are those who dread what is to come, particularly the interest-only borrowers who are scheduled to switch to principal-and-interest repayments.

The interest-only periods of around $300bn worth of mortgages are expected to end this year, and many borrowers are left with no choice but to transfer to another lender or sell their homes amid the housing downturn. This translates to roughly 900,000 loans, or one in six mortgages, based on Australia’s $1.7bn mort According to a report in The Australian Financial Review (AFR), a borrower owing an average interest-only loan of $316,000 will need to pay an additional $400 monthly in order to meet the higher repayments. Borrowers with around $1m worth of home loans will have to pay about $880 more.

Many borrowers are faced with tight lending rules imposed by most banks. Some of those who find themselves stuck often turn to shadow banks or non-authorised deposit-taking institutions. Digital Finance Analytics principal Martin North said banks will be trying to refinance as many loans as they can, but the alternative for many buyers facing a dilemma is to seek help from these non-banks.

“It is fair to conclude that non-banks are lending like fury compared with the ADIs. But this is a big thing for the python to swallow. This is a symptom of easy non-bank funding, different capital requirements and a greater willingness to lend,” he told AFR.

However, this could potentially spur more risks ahead as borrowers who are rejected by banks often have to pay larger interest rates when they apply to non-banks.gage loan book.

 

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Aussies Blame Migrants For Skyrocketing House Prices

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Australians are starting to withdraw their support to migrants due to housing affordability and overcrowding concerns, a recent poll revealed.

ANU professor Nicholas Biddle said the most common reasons given by those who do not support further population growth were housing affordability, overcrowding of cities and the support for training Australians rather than importing skilled workers.

“Nearly nine out of 10 people nominated the cost of housing being too high as a reason for not increasing Australia’s population, while 84 per cent of people said that cities are too crowded and there is too much traffic,” Biddle said.

“Intergenerational wealth inequality is evident, and it’s understandable Australians just want a fair go. But immigration does not necessarily mean higher house prices – migrants contribute net economic benefits,” Allen told The New Daily.

Moreover, Allen thinks the timing of the survey, which was conducted around the time Prime Minister Scott Morrison gave a controversial speech calling for a permanent limit on immigration, might have affected the views of the respondents. “These ills aren’t the consequence of population, but rather politicians,” she said.

However, she added that while Australia is suffering from growing challenges, opportunities and benefits still abound for the country to thrive.

“Australia’s ageing demographic profile means the pressures on young people to shoulder the economic burden of future taxation dependency presents real risks to the nation’s future. The fact is, in Australia’s demand-driven migration scheme, migrants fill jobs locals won’t or can’t. Migrants don’t take from locals. They make net contributions to the economy,” she said.

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“The Best Comes With The Lowest” With Cheap Secured Loans

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Cheap secured loans are offered against any collateral. It could be real estate, automobiles or some other valuable assets. Generally, with cheap secured loans, the ranges of borrowed amount are from $3,000 to $75,000. But, in case of greater amount, lenders will check the worth of your collateral. If your collateral has higher value then, lenders will not only be willing to offer higher amount but also a lower interest rate. Even cheap secured loans are available for a comfortable duration of up to 25 years and you can pay off the instalments either monthly or quarterly.

Cheap secured loans however are offered at better terms and conditions that suit the borrower’s requirement. The interest rate of cheap secured loans varies from individual to individual. For a regular income earner, a lower monthly loan will help in saving a big sum of money. On the other hand, for a person whose monthly income is not stable, a loan with flexible monthly payments such as over payments, underpayments or payment holiday will be highly suitable.

Nevertheless, cheap secured loans are obtainable against your valuable collateral. And for that, in case you fail to repay that can put your collateral in danger. So, before applying, you will have to calculate the amount you want to borrow as a loan. Needless to say, should borrow the exact amount, as borrowing a larger amount may become a huge financial burden in future.

Now the question is how can you get a cheap secured loan. It is a bit tough as many lenders offer cheap secured loans to lure people. But in reality, these loans are not at all cheap. Don’t worry. With some effort, you will be able to get a cheap secured loan. First of all, list your requirement- decide the amount you want to borrow, how long would you like the repayment period to be, what amount of monthly instalment are you comfortable with.

Next step is choosing lenders. Besides traditional lenders, you can opt for online cheap secured loans. Even, finding an online cheap secured loan is easier- Just a click brings all data within a minute. And last but not the list, comparative judgement of various quotes will help you to get the best deal.

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Being Straight With Debt Counsellors

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‘Credit card debt’ is the worst of all nightmares. Credit card debt settlement is a wonderful stress relieving mechanisms. Once you are done with your credit card debt settlement, you are assured of a much better life.

You can approach credit card debt settlement in 2 ways. You can either go for credit card debt settlement all by yourself or you can take advice from a credit counselling company or a professional.

If you go for credit card debt settlement all by yourself, you will need to analyse the various options available to you e.g. checking on various balance transfer offers available in the market, checking the short term loan options with the banks etc etc. However, if you want to take credit card debt settlement advice from a professional, you should be able to trust the advisor fully. So you need to check the credentials of the credit card debt settlement advisor/company.

These credit card debt settlement companies/advisors will be able to help you in the best way if you tell them your current financial situation correctly. Your future plans are important too, as they might influence the decision on ‘What route for credit card debt settlement would work the best for you’.

Moreover, once you are done with your credit card debt settlement, you should also take measures to avoid falling into that pit again.