Tuesday, February 20, 2007

All-In-One Mortgage Account

Mortgage, according to Wikipedia, is a method of using property (real or personal) as security for the payment of a debt. It is usually refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.

I have a mortgage loan with bank when I bought my apartment few years ago. In which I am paying a large percentae from my monthly salary, and it will last for 30 years! I always wish that I can clear it as early as possible.

I found on the net there is an 'All-in-One' morgage around the market. The concept is to combine roll your mortgage into one account with your current account. The moment you deposit your monthly salary, it is used to offset against the mortgages balance, and at the same time to reduce your mortgage interest.

In another word, the more money you left over in your current account, the less interest the bank will charge you. It is another great way to save money and interest over long term. I think I can repay my mortgage a few years earlier with this concept.

Does it sound interesting? Don't forget to visit the One Account Mortgage homepage for more detail.

P/S This is a Sponsored Post



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