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Tips to maintain your home loan

Here are the few tips one must should look while preferring the home loan. Know more at http://www.homewarrantyreviews.com

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Tips to maintain your home loan

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  1. Manage Your Home Loan Tips & Tricks On How to Prepared by

  2. Step 1 - Pick the right plan Before you pick a mortgage plan, ask yourself the following questions: • What are the factors likely to affect your approval for the loan? • Is this mortgage plan portable? • Are there any pre-payment privileges? Once a plan is selected and the home is purchased, the next several years will require you to pay monthly installments called EMIs. EMI payments may strain your finances, to avoid that, carry out the following steps!

  3. Step 1 - Pay your EMI on time Avoid late payments as it leads to spending more money. Do the following • Set reminders for all your EMIs • Or program your account to pay the EMI automatically • Maintain sufficient balance in your account for EMI payments • Watch the penalties

  4. Step 2 - Do not lengthen mortgage term • Avoid selecting a plan with very low EMI • Longer the mortgage term, the more money you will spend • If you earn some extra money, put it into your mortgage • Do the following to reduce mortgage tenure • Partial pre-payment • Pick a lower interest rate • Increase the EMI amount

  5. Other Miscellaneous Tips • Avoid pre-fixed rate mortgages • Money lenders will try to extend the tenure to make more money from interest • Paying off your mortgage quickly is a tax free form of investing • Switch to an offset mortgage if possible • Find additional sources of income • Avoid reducing EMI amount

  6. Visit HomeWarrantyReviews.com to find out more about home insurance and home warranty!

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