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take some risk by making a contribution in the form of a downpayment. It helps develop discipline in persons to repay their mortgage and to safeguard their asset. There are institutions that may give 100% of the loan, where special conditions are applicable.

Repayment Options

Mortgage payment can be made using the following options: -

  • monthly payments;

  • weekly payments;

  • bi-weekly payments.

A borrower should decide on a payment option that best suits his/her financial situation.

Ways of Saving on Interest Payments

The possibility of paying one’s mortgage bi-weekly or monthly is an option that should be discussed with the lender. If someone pays fortnightly or bi-weekly, he/she would realise savings on interest as compared with paying monthly.

There are other ways in which homeowners can save on the interest as follows: -

  • Taking advantage of prepayment opportunities;

  • Shortening the repayment term; i.e. the amortization period from thirty (30) years to twenty-five (25), twenty

    • (20)

      , Fifteen (15), or ten (10) years, if you can afford. This will result in savings on interest payment. You

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