As life situations change so will the financial condition. Having a mortgage check-up done is a great way to ensure that your home loan still aligns with your goals. Mortgage review should be done regularly to check where you stand with your finances.
As the economic and financial trends change, you may observe a shift in your income which creates a crucial need to make some adjustments in your finances. That’s one of the reasons you need regular monitoring of your mortgage.
Our financial advisors will help you through the process of mortgage check-up. Let us look at some of the things that we could review.
Assess interest rates
The interest rates on home loans fluctuate and can differ from what you are paying currently. You could be eligible for a lower interest rate. A mortgage check-up will give you the right knowledge of the current interest rates. It unfolds an opportunity of moving to a loan structure with a better interest rate when the current loan comes up for renewal. A change into a new interest rate plan could save you thousands of dollars over the period of time.
Revise your loan offer
It will be worthwhile to refinance and choose a different loan offer that meets your current requirement. As per your financial situation, you could opt for a home loan plan with a shorter-term and pay off the mortgage earlier or refinance at a lower rate which will lower your monthly payments. Either way, you would be able to save more, giving you freedom to contribute towards other expenses or investments.
Consolidate debts
If you are paying high interest on different debts, consolidating them and getting a new loan to pay off the debts is a smart move. Debt consolidation should be considered to manage multiple loans into one easy repayment to save both money and time.
Improve cash flow
A mortgage check-up gives you the option to refinance your loan. Getting a new loan with either a low-interest rate or a longer term based on your specific needs will help you manage your finances and ongoing expenses. By making these changes you can save money regularly. Refinancing if done right, could help you maximise the tax refunds and improve your cash flow.
Benefit from home equity
Regular financial check gives you the chance to review your current and future money related goals. Based on your financial goals, you can leverage your home equity and then put the benefits to use for home improvements, making other investments or using it for your child’s education, etc. When you have the right loan plan, you feel financially secured and enjoy peace of mind.
Getting a mortgage check-up will help you to make right decisions. Our experts at Accord home loans can guide you through the process, review your situation, advise you on how to make better financial choices. It’s a great way to know your options and then choose the option that matches your needs. Schedule your mortgage check-up with Accord home loans and make the most from our services and your money.
A quick checklist entailing the benefits of getting a mortgage check-up
- Get better loan terms or end mortgage insurance
- Merge high-interest loans
- Improve monthly cash flow
- Use the growing home equity as leverage
- Benefit from the tax refunds
- Achieve contentment from your financial well-being
