Why You Should Review Your Mortgage With Me at Least Once a Year
Most homeowners focus on their mortgage when they first buy a home locking in a rate and moving on. But just like your car, your mortgage benefits from regular check-ups! As your mortgage broker, I can help you uncover opportunities, avoid unnecessary costs, and ensure your mortgage is still working for you.
Annual Mortgage Reviews Can Reveal Surprising Savings
Even if you feel your mortgage is “fine,” an annual review can uncover potential savings or improvements you might not have considered:
Rate Updates: Interest rates fluctuate. If your mortgage term is ending or there are changes in the market, you might be able to save by refinancing or adjusting your term.
Prepayment Options: Many homeowners don’t realize the prepayment options in their mortgage can save them thousands over time. I can help you identify the best strategy for your goals.
Changing Life Circumstances: Have you had a change in income, family situation, or financial goals? Your mortgage should reflect your current reality, not last year’s.
New Products & Programs: Lenders frequently introduce new mortgage products, incentives, or cashback programs that could benefit you and you won’t know unless you review your mortgage with a professional.
Why Timing Matters
If you meet with your financial planner once a year or set annual financial goals, scheduling a mortgage review at the same time is a smart move. By reviewing your mortgage alongside your overall financial plan, you can:
Align your mortgage strategy with your long-term goals
Ensure your payments and term work for your budget
Identify ways to save on interest or shorten your mortgage term
The Bottom Line
A mortgage isn’t a “set it and forget it” product. Annual reviews with a professional can uncover opportunities you may not have thought about, potentially saving you thousands of dollars and keeping your financial plan on track.
Think of it like a yearly check-up - a small appointment now can have big benefits down the road.
If you haven’t reviewed your mortgage in the past year, let’s book a time! I’ll help you understand your options, optimize your strategy, and ensure your mortgage is truly working for you.