By Dave Fleming : 14 July, 2020
Let Me Introduce Myself
As this is my first blog I should explain myself in the way of what this is going to be all about. As I’m very passionate about saving our customers money on their mortgages I’ll be talking mainly about ways to pay off your mortgage faster.
Some of the tips that I’ll be sharing will be mainstream and already common knowledge to many. Nevertheless, they’ll serve as a reminder and potential motivation to those who know, but haven’t gotten into gear yet and done something about it.
Other tips will be not so well known. These will be rapid mortgage reduction techniques that will be out there on the edge and they won’t be for everyone. It will depend on one’s appetite for risk.
On the other hand there are other things that I’m passionate about in life. One of them is living a healthy lifestyle. Yes, that’s right I’m a health nut!!!
Don’t worry though I’m not going to berate anyone on what they should be doing with their life, or how they should be living it. From time to time I’ll provide a health tip, which will help in making your life longer and more vital.
However, in the main I would like to keep this blog light hearted, entertaining and as well as useful. So peppered throughout my blogs will be other humorous and interesting information.
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Here’s a mortgage joke:
A frog leaps into a banking institution and requests of the teller on duty, “Who should I speak with about applying for a loan?”
The teller leads the frog to the office belonging to the lending manager, Shirley Black.
“I would like to apply for a loan of $20.00 to get a brand new lily pad,” the frog informs her.
”Have you got any security?” inquires Ms. Black.
The amphibian then shows her a little statuette of a pinkish elephant which has the inscription “Souvenir from Thailand” etched on to the base.
Uncertain about whether the thing will be worth the sum of the loan advance, she calls for the bank manager.
The bank manager examines the souvenir, then nods his head, and states, “It’s a knick-knack, Shirley Black – so you can give the frog a loan.
Watch out for loan providers offering gifts. Promotional or honeymoon interest rates have for ages been an essential marketing strategy for banking institutions. You’ll initially be furnished a low-cost rate on your mortgage to lure you through the doorway. However, once the honeymoon interval has ended, the mortgage lender will probably switch you to an increased variable interest rate.
There are two main issues with this scenario. First of all, the variable interest rate is usually greater than many of the lower basic loan rates offered which means you will finish up having to pay more. Secondly, it is advisable to clearly realise that a honeymoon deal is applicable simply for your first year or so of the mortgage only and is a minimal thing to be considered when compared to the real variable interest rate designed to calculate your actual repayment amounts across the subsequent twenty or so years.
You may even get hit with extreme exit fees and penalties if you all of a sudden made a decision to re-finance within the first 1 or 2 years to a more cost-effective mortgage. For that reason be sure you fully grasp what you’re really jumping into before ‘sailing off’ on that “honeymoon” with your mortgage lender.
Having said that though in more recent times some lenders have started to offer honeymoon loans of up to four years, which may be worth considering. That’s if the fees to exit the loan after the honeymoon period and go to another lender, don’t eat up all the savings you achieved during the honeymoon period.
Okay, This One’s a Little Better:
After a client purchased a new house the mortgage broker decided to send out flowers in appreciation of the special occasion.
They eventually arrived at the client’s home and the home owner looked at the card; and it read “Rest in Peace”.
The homeowner wasn’t happy and frustration turned to anger and he decided to call the florist shop to give them a piece of his mind.
Right after he informed the florist shop owner of the totally obvious blunder and in no uncertain terms described just how angry it had made him, the owner said, “Sir, I am truly so very sorry for our slip-up, but instead of getting offended you need to picture this:
Someplace there’s a funeral service taking place this day, and they’ve got a floral arrangement which includes a note declaring, “Congratulations on your new home”.
Did you know when you stop exercising many of the benefits begin to diminish within 2 weeks? The benefits of exercise typically disappear completely within 2 to 8 months of stopping exercise.
That’s it for today and thanks for your time. I’ll be back on a regular basis with more helpful money saving hints, humorous information to lighten up your day as well as more health tips to energise your day and lengthen your life.
About About Dave Fleming
Dave is enthusiastic and fascinated by the digital and social media worlds. He is passionate and enjoys entrepreneurial pursuits, wealth creation financial strategies, health, fitness as well as cooking. Dave is the webmaster at www.mastermortgagebrokersydney.com.au, which is an information website pertaining to loans. He has a deep commitment towards writing about and helping people understand the basics of how the financial world works.