You can use the simple check list below to see if you are capable of performing Do-It-Yourself (DIY) mortgage reduction correctly:
1. Do you know how to generate an up-to-date amortization schedule for your loan to ensure that the outstanding balance printed on your account statements is correct?
2. Do you know how to compute how much interest you can save and how many months of repayment can be shorten with the new prepayment that you intent to reschedule?
3. Do you know how to double check to ensure that your mortgage lender has duly executed your prepayment request as promised?
4. Do you know how to correctly interpret the prepayment clause printed in your loan agreement? Do you understand the implications of restrictions set in the prepayment clause?
5. Do you have the negotiation power in negotiating a new partial prepayment arrangement with your mortgage lender? Your right might be denied simply because you are not knowledgeable enough in the topic that your are dealing with.
6. Do you know how to ensure that your mortgage lender do not intentionally delay your request? Delay in execution of partial prepayment could result you in paying many months of extra interests.
7. If you request have been denied or delayed without legitimate reasons, do you know how to file a complaint to the higher authority for further action?
8. Do you know how to make prepayment notice (could be 1-month or 3-month in advance) consistently to your mortgage lender for every prepayment made throughout your loan tenure?
9. Are you afford to prepay the minimum prepayment amount set in the prepayment clause (normally in multiple of thousand of dollars)?
If your answer is YES to ALL questions above, then you can capable of making prepayments correctly.
1. Do you know how to generate an up-to-date amortization schedule for your loan to ensure that the outstanding balance printed on your account statements is correct?
2. Do you know how to compute how much interest you can save and how many months of repayment can be shorten with the new prepayment that you intent to reschedule?
3. Do you know how to double check to ensure that your mortgage lender has duly executed your prepayment request as promised?
4. Do you know how to correctly interpret the prepayment clause printed in your loan agreement? Do you understand the implications of restrictions set in the prepayment clause?
5. Do you have the negotiation power in negotiating a new partial prepayment arrangement with your mortgage lender? Your right might be denied simply because you are not knowledgeable enough in the topic that your are dealing with.
6. Do you know how to ensure that your mortgage lender do not intentionally delay your request? Delay in execution of partial prepayment could result you in paying many months of extra interests.
7. If you request have been denied or delayed without legitimate reasons, do you know how to file a complaint to the higher authority for further action?
8. Do you know how to make prepayment notice (could be 1-month or 3-month in advance) consistently to your mortgage lender for every prepayment made throughout your loan tenure?
9. Are you afford to prepay the minimum prepayment amount set in the prepayment clause (normally in multiple of thousand of dollars)?
If your answer is YES to ALL questions above, then you can capable of making prepayments correctly.
No comments:
Post a Comment