Looking for tips to reduce the mortgage interest payment

[ChristyChris]

Hey,
Any tips for saving money, by paying down the mortgage? Are there any easy tips you are using to cut down the mortgage interest? Suggest your ideas.

 

[nmb]

Some people integrate their mortgage account with their current account which can cut interest payments significantly. In effect all of your salary is used to reduce your mortgage balance although it will obviously rise towards the end of the month as you spend your salary. However, having that extra income for even a part of each month effectively reduces your outstanding balance and interest payments. For further details it is worth speaking to your bank or mortgage provider.

 

[ChristyChris]

Thank you nmb. It is really a great idea. I hadn't thought about it. Is there any tricks to show a low income. I don't want to disclose my complete payment. Any tricks? Is it good to hire a mortgage broker? Will he help me to get a low payment mortgage? I have seen an article (moderated. Advertising link)regarding low-interest payment. Had anyone used such tips? How do you pay through standard bi-weekly or accelerated bi-weekly payment? I am looking for a mortgage lender for home purchasing. How could I choose the lender?

 

[lookinginvest]

Whatever type of property mortgage you have the killer will always be the interest charge. The vast majority of mortgages calculate interest on a daily basis therefore the more money you can hold in your mortgage account for a prolonged period of time the better. Over the 20 or 25 year life of a traditional mortgage the interest savings can be enormous.