Are you getting the most from your mortgage loan? Learn why it’s important to obtain this information and how to know when it’s time for a review.
Benefits of a Mortgage Lender Reviews
The mortgage market is always changing whether it be updated regulations, new loan products, or changing interest rates. Your own circumstances change as well: there can be shifts in your home equity, property taxes, home improvements and insurance needs. Be a savvy homeowner by staying on top of these factors to reach your personal financial goals by successfully leveraging your mortgage.
When to review your mortgage
Here are some guidelines as to when you may want to reexamine your home loan:
- Home improvements are being planned. If you’re considering a significant amount in renovating your home, your home equity will be affected. You always want to make sure that the cost of improvement actually increases the value of your home.
- Expenses change. Are you anticipating college tuition or facing unanticipated health care costs? These extra expenses may affect your ability to repay your home loan.
- Future goals shift. Perhaps you are starting a business or hoping to retire to another location. If your goals change, your financial game plan should adjust accordingly.
- Finances improve. Maybe you’ve earned a promotion or recently paid off the rest of your car loan. Consider funneling some of this extra money into higher principal payments to pay off your mortgage faster?
- Market interest rates change. Mortgage rates are still at historic lows. Now may be a great time for you to refinance, depending on closing costs.
The following examples illustrate how comprehensive mortgage lender reviews can help clarify the best decision for you and your family.
- After years of renting, you enjoy owning your own home. When interest rates were low, you took the plunge, scraping together a very small down payment and finding a mortgage loan that smiled on first-time buyers. Since then, regular payments and increased property value (either from home improvements or higher county assessments) have lowered the principal on your loan. Is it possible to eliminate your private mortgage insurance (PMI), which is only required when your your home equity is below 20%?
- While it’s still a few years before your kids head off to college, you’d like to put more away for their education. There are many years before you’ll be close to paying off your mortgage, but interest rates have dropped recently. Could refinancing help you and how much could you save?
- A notice arrived in the mail that the interest rate on your adjustable-rate mortgage (ARM) is scheduled to change. You vaguely recall the details about adjustments from your mortgage shopping. How often will adjustments happen? You hear rates are rising, then falling. Should you stay with your current mortgage or shop for a fixed-rate loan?
How we can help
Providing an annual home loan review is part of our ongoing service to our clients. We also can connect you to local real estate experts if you need to appraise your current property value. This can help you to factor in any additional home equity into your decisions. If refinancing isn’t suitable, your mortgage banker can explain what makes your current loan right for you. When a refinance can benefit your situation, we will match you with the right loan to maximize your resources.
We know that each homeowner has different goals. We invite you to bring your questions, concerns and goals to the table. Our mortgage experts will work with you to evaluate your options and help you to get the information you need and feel confident about making a decision through mortgage lender reviews.
Get started today
Speak to one of our mortgage bankers to review your mortgage and financial goals with you to determine the best path forward.