Now’s a Great Time for Your Free Annual Mortgage Review
Now’s the perfect time to consider scheduling your annual mortgage checkup. With interest rates at historic lows, there’s a great chance that you could benefit. It’s important to review your options every year to ensure you’re maximizing your savings.
There’s no charge or obligation when requesting a mortgage review, 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.
Or maybe you want to see how much equity you’ve built up because you’re considering making a large purchase or consolidating debt?
Annual reviews typically address these three main areas during mortgage checkups:
- 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 moving or 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?
In addition, you may want to consider taking advantage of your mortgage’s prepayment privileges. Not all mortgages include these features and, when they do, the amounts can vary, so I’d be happy to look into these details for you.
Prepayment privileges allow you to pay up to 20% extra per month and a total of up to 20% in lump sum payments per year without facing a penalty for paying your mortgage off sooner. This means that for a $300,000 mortgage on a 25-year amortization, a 20% monthly payment increase can generate $18,000 worth of savings and help you to pay off your mortgage five years earlier. When you add in an annual lump-sum payment of $2,500, the savings are increased to just over $25,000 for the year and help you become mortgage-free eight years earlier.
Book your free review today and let’s look at your savings options!