Home Loans are not what they used to be! Many years ago, you could purchase a new home for around $50k, these days it’s more like $500k! So, it’s not uncommon to feel some mortgage stress throughout the life of your loan. Here at Loan Monster we have put together some ideas to help lessen the pinch and take back control so you can focus on the more enjoyable things in life.
Tips to Manage Mortgage Stress
Break Down Your Home Loan Debt:
You may feel intimidated when you look at your mortgage statement which reflects a large sum owing to the Bank. This is where a budget comes in handy as you can break the large amount down into smaller chunks that are more manageable. Setting a goal such as “I will pay off ‘x’ amount by a certain date will give you small successes along the way until you reach the goal of paying off your loan and owning your own home.
Pay a Little Bit Extra on Your Home Loan:
If your loan product permits, you could make extra repayments to your home loan. It doesn’t matter how small as every bit counts, even $10 extra per week each week will still make a difference. It could help you cut years off your mortgage and repay it faster.