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Saturday, 5 November 2016

Important Advices for Refunding your Loan Sooner

How can I remove my loan early?

Many people ask this question because they want to meet their financial obligations promptly. They do not want to spend their hard earned money in interest payments. I consulted a number of qualified and experienced finance professional brokers and suggested some simple tips to help reduce the term of your loan and reduce the interest rebate measures, such as:

1. The most frequent refunds

They make weekly or monthly payments may take months or years of your loan and can also help save thousands of dollars in interest payments

2. Set your repayment period

If you set your repayments to match when you get paid, that will help you pay off your loan early (for example, if you are paid every two weeks, you must set the payment period every fortnight)

3. Presentation of any spare money

If you have extra money, you should contemplate filing this additional money on your loan account as a lump sum

4. Have your salary credited directly

Have your salary credited directly to reduce the loan amount considerably over time

5. Do not reduce your payments

If your refund at regular intervals minimum loan falls due to lower interest rates should not reduce your refund. Maintaining your present payment, to pay off your loan early.

6. Increase your mortgage payments

If you have flexibility in your loan account so you can increase your mortgage payments, you should consider this option, especially after an increase.

7. Use a clearing account 100%

If you have the ability to link your loan account 100% compensation, should enjoy it, because it has the overall effect of repaying your loan before (for example, if your mortgage is $ 400,000 and you have $ 20,000 in compensation account you pay with interest of $ 380,000)

8. Pay more than the minimum payment

Just pay a few dollars extra each month when you issue a refund, and you will be astonished at how speedily it all adds up.

You can use a calculator "additional reimbursement" to determine for yourself what your additional payments can have on your loan. The extra payment calculator is a useful calculator that will help you calculate how many times and how copious interest you can save by paying more than your minimum payment.

Example of operation of the supplementary payment calculator

Example: The benefits that you have to make additional payments are best illustrated in the following example. The example assumes that you are willing to contribute $ 200 additional weekly payments to:

The loan amount: $ 530,000

standard loan duration: 30 years

Interest rate: 5.00%

Payment Frequency: Weekly

weekly normal amortization: $ 656

additional amortization Weekly: $ 200

Interest saved by paying extra or supplementary: $ 217,815

The time saved years doing additional or bonus payments: 11 years ten months

So, this is how you can pay off your loan faster and save money. If you have questions about paying off your loan faster than normal, you use the calculator or consult a finance broker. He/she will guide you through your options for paying off your loan early.