Borrowers increasingly clever about home loans
RESI Mortgage Corporation believes borrowers are becoming smarter about paying off home loans more quickly. New loan repayment figures show borrowers are making things easier for themselves in case there's an interest rate hike.
RESI customers are making, on average, double their minimum home loan repayments each month, and 46 per cent of RESI loans are ahead in their repayments. About 10 per cent used extra repayments to pay off 50 per cent or more of their loan principal, while 36 per cent have paid more than five per cent of their loan principal off.