should find out if it is possible to advance your mortgage payments? And by how much?
Some financial institutions will allow Borrowers to
reduce the principal debt at any rate.
A mortgage Loan is a commitment for someone’s entire working life. He/she must be prepared financially to undertake these commitments.
Other Matters Related to Mortgage Loan
A mortgage debt obligation covers not only the repayment of the loan. It includes other factors such as:-
Peril or fire insurance;
These three elements cover the mortgage debt obligation. Accordingly, in managing one’s mortgage obligation due account should be taken in planning effectively for these elements.
Some institutions have a built in premium system to take care of the total mortgage commitment or obligation. In effect customers are charged a rate or premium that covers all three: - the monthly mortgage repayment, the insurance coverage and the property tax.
Since Peril Insurance and Property Taxes are usually paid annually, it is advisable that homeowners should make adequate provisions for these obligations by saving monthly.