How Can The Clients Pay off Their Mortgage in 7 Years?

Mortgage brokers assisting their clients with mortgage repayments should be knowledgeable and experienced in order to provide accurate assistance. If a client approaches their broker and asks how they can pay off their mortgage in 7 years, the broker should be able to successfully walk their client through the various methods. 

A mortgage broker needs to inform their clients that paying off a mortgage in 7 years will not be attainable for everyone due to the high amount of funds required, including a cash flow of up to $80,000. Clients and mortgage brokers can explore the following suggestions for paying off their mortgage in 7 years:

• Opting for fortnightly repayments rather than monthly repayments
• Making additional mortgage repayments whenever the funds are available
• Choosing a variable rate loan rather than a fixed rate loan
• Choosing a home loan option with a low-interest rate
• Create a mortgage offset account
• Choosing a principal and interest loan
• Negative gear an investment property and pull all your tax refunds into your original home loan

Opting for fortnightly repayments is a great way to pay a loan off quickly, as the repayments will be made at a higher frequency, resulting in time and money being saved on paying a home loan in full. 

Making extra mortgage payments in addition to scheduled mortgage repayments can allow clients to save time and money on paying a mortgage in full because the additional payments will be allocated to the loan’s principal amount.

If a client is interested in learning more about paying their mortgage in full within 7 years, they should reach out to their mortgage broker for more information.