All property owners want to get the best deal on their home loan that they can, but having good control over your loan is another thing. Here is a list of good ways for you to take care of your house loan efficiently and steer clear of potential economic downturns.

1 – Keep paying on the original interest rate. The interest rates took a dip more than a year ago, and this means you should already feel the impact on the rates you’ve been paying. Most mortgage experts will tell you that it’s best to keep up similar repayments on your mortgage even during times when the interest rates drop.

2 – Refinance the loan. You should regularly check on the actual condition your mortgage loan is in. It could be time to re-assess things. Make sure your home loan you currently have is still right for your existing circumstances. Get help from a broker and get the loan analyzed. There is a mortgage calculator for helping with these calculations as well.

3 – When at all possible you should attempt to make extra installments. Each week if you add a little to your repayment, however small, over time it can really add up. If you see an opportunity to make a substantial payment against the mortgage, then do it. Once these extra payments have kicked in, you’ll start to feel the rewards in the form of lower interest rates. There is a mortgage calculator you can use to determine the lump sum repayment differences.

4 – Renegotiate your rate of interest. The markets are always changing. So if you have been paying on your mortgage more than six years, go back and renegotiate the interest rate. There are some good products out there to help you.

5 – Consult with your lender. A lot can happen as time passes. You might lose your job or have children, and other things that would put a strain on loan repayment. Don’t be backward about contacting your lender to see about restructuring your loan to get some relief. They are usually more than willing to help you with things like that. Many people just won’t make the call.

6 – Cut back on personal spending. By spending less you’ll have more money to put toward the mortgage. Try taking your lunch to work rather than eating out. Lower the amount of coffee you drink each day. There are many little tricks of this kind that can really add up over time.

7 – Change your loan over to the fixed rate loan. These loans are more effective if you want a regular steady payment amount. Try swapping the whole loan or maybe even half to the fixed rate so interest rates fluctuations don’t have as much impact.

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