For many homeowners, securing a mortgage is a significant financial milestone. But, it’s just as important to regularly review and optimize that mortgage. This is where your mortgage agent becomes even more invaluable – proactively looking out for your best interests long-term.
Here are some of the benefits to having your mortgage agent review your mortgage every year:
1. Financial Landscape Changes. The financial landscape is dynamic, with interest rates fluctuating, new mortgage products emerging and personal financial situations evolving. What may have been the best mortgage for you a year ago may not be the most advantageous one today. A free annual review with your mortgage agent ensures you stay up-to-date with any changes in the market that could prove beneficial to your circumstances.
2. Potential for Savings. Your mortgage can act as a savings tool in a number of different ways – whether that involves refinancing to a lower interest rate, adjusting the loan term or consolidating debt. Your mortgage agent can identify strategies to reduce monthly payments, shorten the loan duration or access equity for other financial goals such as buying a second property.
3. Personalized Guidance. Your mortgage agent can tailor important information to your unique circumstances. By conducting an annual review, your agent can assess changes in your financial situation, such as income increases, debt reduction or credit score improvements. This allows for the recommendation of mortgage options that better align with your current and future needs.
4. Navigate Complexities. The mortgage market can seem overwhelming for many borrowers. Your mortgage agent will demystify the process, explain complex terms and help you understand your options. Their expertise can be especially valuable when dealing with specialized mortgage products or challenging financial situations such as for the self-employed or those with bruised credit.
A yearly mortgage review with your agent is a proactive approach to maximizing the benefits of homeownership. By staying informed, seizing opportunities for savings and receiving personalized guidance, you can rest assure that your mortgage continues to serve you well throughout your time as a mortgage holder.
Have questions about your mortgage options or wish to book a free review to see if your mortgage is still right for you? Answers are a call or email away