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How To Treat Your Mortgage If Interest Rates Drop

Money : Mortgages

When interest rates drop, some people's natural reaction to their mortgage is the wrong way to what it should be!

If interest rates drop then monthly payments will come down, and many people who earn easily enough to pay the mortgage each month are happy with this!

However what you should really look to do at this time is to increase your payments each month!

The reason for this is simple: any cash you have stashed in savings is earning less interest than it was before, so why not put that towards paying off the mortgage a bit quicker whilst the rates are down - the most effective use of excess money and may help you save a lot of interest on the mortgage in the longer term.


By: Fred

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