Now that spring has fully sprung, it’s the perfect time for your annual mortgage check-up. If you make time for a quick review each spring, it may yield you some fruitful financial savings.
There’s no charge or obligation when requesting a review from your mortgage professional, so it’s definitely worthwhile to see if any changes in your financial situation or a shift in your goals over the past year or so means you’re no longer in a mortgage that best fits your needs.
Your annual mortgage checkup should examine several areas, including these three things:
- Overall debt levels – Especially unsecured debt such as credit cards, lines of credit and vehicle loans. Why pay more interest when you may be able to start fresh through a mortgage refinance at a much lower interest rate than you’re paying on your debt right now?
- Current considerations – Are you thinking of buying a second property for vacation or rental purposes? Let’s see if you can make this a reality by reviewing your current mortgage, finances and equity.
- Future plans – Does it make sense to use the equity in your home to pay for your children’s upcoming education, renovations and so on?
Mortgage brokers don’t work for an institution and are free to go to multiple lenders to find the best deal for you – included those lenders who you would be unable to access on your own. They also work with banks, so there really is no downside. You’ll probably need to speak with more than one broker to determine whether he/she is a good match for you.
You want to find one who’s comfortable working with your current financial situation and who doesn’t raise any red flags in the back of your mind, such as suggesting shady practices or loopholes that will get you a home, but end up putting your financial future at risk.
Reviewing your options annually could result in having more money left over at the end of each month. With interest rates on the rise – and expected to gradually continue to increase over time – now may be the ideal time to re-examine your options and perhaps save on interest payments. Imagine what you could do with the savings – anything from investing and going on a much-needed vacation to putting funds aside for a rainy day.
Let me help you. Feel free to get in touch with ME anytime and I’ll be happy to get you on your way to a mortgage/loan that’s right for you and your loved ones.