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| Play it short-term: refinancing mortgages |
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While the terms of the typical mortgage run into decades, you can re-finance your contract, which means you can get new rates from another lender or have someone buy out your mortgage so you can look for another place to stay.
You'll know the specific amount you'll need to pay each month, because a mortgage will lock your interest rate to the one you agreed to upon sign up.
Pay less for a roof and four walls
If you want greater cash flow right now, you can take an interest-only mortgage (also called the balloon mortgage), which frees you to make payments only on the loan's interest. After twenty-five years, you can pay off the original loan from other sources, or you could sell the house and pocket the difference.
These days, you won't need to plunk a downpayment on the table, as long as you can persuade your lender that you can bring up the cash on a monthly basis.
How much?
Australian statistics say the average mortgage is worth a little above $200,000, and nearly one third of borrowers are using their loans to buy townhouses and apartments, rather than sprawling stand-alone houses.
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