Most people sign up for their initial mortgage, pay their payment as required and forget about the details until renewal time. A mortgage is the biggest debt you’re most likely going to have and it should be something you review at least once a year just to make sure you are maximizing your potential.
Here are a few examples to explain what we mean:
· Payment frequency – Perhaps when you signed your mortgage documents you were being paid monthly, so it was easier to make your payment monthly. However now that may have changed and you’re paid bi-weekly. Changing your payment frequency is great way to pay off your mortgage faster and save on interest.
· Refinancing – Maybe in the last few years you have incurred some personal debt. That debt may have interest rates up to 29% if its credit card debt. Looking to consolidate it into your mortgage may be a good option and we can help you decide that.
· Rate change – Rates may have changed drastically and it may be in your best interest to see what the cost would be to lock in at a lower rate.
· Pre-payment options – Most lenders offer pre-payment privileges and it may be something you forgot you even have available to you. A mortgage check up is a good time to have a refresher on that info and see if you can take advantage of them.
No matter who your mortgage is currently with we can perform a mortgage check-up with you. We provide unbiased advice and work to save you money. By reviewing your mortgage annually it is the first step in becoming mortgage free faster.