Spring’ s finally here! This bright new season typically brings with it a sense of rejuvenation and motivation. If you’re like most people, you’ll likely undertake a spring cleaning of your home after it has been closed up all winter. But, did you know that it’s just as important to carry out a spring checkup on your mortgage?
There are a number of reasons why you should be reviewing your mortgage. Life situations change, your objectives may have shifted and the mortgage you originally signed on to may no longer be the best fit for your current situation.
You invested a lot of time and money in securing your mortgage and with such a complex commitment, you want to ensure it continues to be inline with your goals. Be sure to work with your mortgage agent to review all aspects of your current mortgage and help you make any changes should they be required. And, because there’s no charge or obligation when requesting a review from your mortgage agent, it’s definitely in your best interest to do so.
A mortgage review consists of an assessment of your mortgage features as well as an evaluation of your personal and financial situation to ensure they’re still compatible. For example, if you’ve accumulated more credit card debt than you can comfortably handle, you can consolidate your high-interest debt into your mortgage and free up cash flow. Or maybe you’ve come into some money, so you should look into prepayment or lump sum options. If home renovations or large purchases are on the horizon, your mortgage can help with that too.
And when it comes to rates, you and your mortgage agent will want to assess whether it’s worth refinancing your existing mortgage to take advantage of new, lower rates should they be available.
Don’t wait for your mortgage to come up for renewal before you evaluate whether it’s still working for you. Manage your mortgage successfully by reviewing your options with your mortgage agent regularly.
Have questions about your annual mortgage review or your mortgage in general? Answers are a call or email away!