The Graphing Tool
Using the graphing tool can make it easier to visualise overpayments and offset mortgages for your clients.
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Sourcing Brain has the added functionality for mortgage brokers to help demonstrate the positive impact any overpayment can make by using the in-built Graphing feature.
Your customer may have a lump sum, perhaps from an inheritance, or they’re expecting a pay increase, which they can put towards a monthly overpayment. Whichever it is, you can visualise the impact this will have on their mortgage for them.
A further consideration could be if customers are looking for a particular feature within their mortgage, for example, Offset. We have seen consumer choice for this type of product decline over the years but, by using the Graphing tool, brokers can demonstrate to a customer that they can still achieve their potential goal of reducing the term but by using a method such as Offset.
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What are the benefits of overpaying on a mortgage?
Interest savings
One of the primary advantages is the reduction of interest costs over the life of the loan. By paying extra each month, your client can significantly decrease the amount of interest paid, leading to substantial long-term savings .
Security in economic downturns
If your client faces economic difficulties, having a mortgage with a lower outstanding balance due to overpayments can provide them with a financial cushion so they’re better prepared to weather unexpected financial challenges.
Equity buildup
Overpayments increase the equity of your client’s home more rapidly. This can be particularly valuable if they plan to use the equity for future investments, renovations, or as a safety net in case of financial difficulties.
