Investing in your future: Mylend
Mortgages are often seen as a bad debt, whereas they are actually an amazing tool to generate additional wealth.
Whether it simply be paying downyour home lending, or owning investment properties where your tenants pay the mortgage, the options can be endless.
The thing to be mindful of however, is that there are costs with owning an investment property, and the rental income is often not enough to pay the mortgage alone. So, you have to be prepared to top it up with your own money. Then, you also have rates and insurances on top of the mortgage costs. A good client of mine said she treats these costs as her compulsory savings – knowing that she will (hopefully) get this money back in the future when she sells the home.
It’s a long game – just like owning a house and having a mortgage. Most people don’t actually stay in their homes for 30 years anymore, yet the banks will give a loan term of that time frame. It’s to help balance out those payments and make the loans more affordable.
We have good conversations with our clients around payment timeframes, and how long it will take to pay off their mortgage. We tailor this process, and we have a couple of neat tips and tricks to make this really beneficial.
Get in touch with Kim directly if you would like to have a confidential conversation about your mortgage options. It’s definitely not a one size fits all approach.
