|about us newsletter contact us site map search legal|
April 03 newsletter
Welcome to the Shape of Money's step-by-step guide to the secrets to wealth.
This month we look at another secret to wealth: reducing your mortgage.
Over the past few months, we've looked at the impact of various forms of debt on the achievement of your financial goals. This month, we look specifically at mortgages.
the Shape of Money has addressed the topic of mortgage reduction at various times, so perhaps it's an issue you've already looked at. If not, we urge you to do so now. Debt is a major barrier to achieving your financial goals. But it's also a barrier you can do something about.
If we assume an average residential mortgage
of $150,000 and interest rate of 8%, then some simple calculations
with the mortgage calculator quickly
demonstrate why it's worth investing some time in achieving a
better deal. For example, reducing the term of such a loan from
20 to 15 years will save you around $43,000 in interest - a sum
that will certainly assist in achieving your financial goals.
For other tips and assistance, please check out our reducing the mortgage pages.
In other news - are you looking for some personal financial
reading this Easter? Have a safe and happy Easter break.