Have your circumstances changed since you last reviewed your mortgage?
As a home owner, it's important to stay up to date on the home financing options available to you so that your mortgage remains suitable and relevant to your current lifestyle and circumstances.
Setting up a mortgage check-up can provide you with peace of mind in knowing you will be able to manage your monthly payments as well as confidence that you’re on-track towards attaining
your future financial goals.
With interest rates on the rise, a mortgage check-up may be a great opportunity
for you to review current rates and terms and ensure you remain proactive when it comes to your financial health.
Here are some changes that might be suitable for you:
- As interest rates continue to rise over the coming months, now might be a right time to consider locking in your variable rate mortgage to a fixed term.
- High-interest debt could potentially be transferred to a lower interest rate by refinancing to boost cash flow and save interest.
- Make changes to your payment frequency. For example, moving to an accelerated bi-weekly plan versus monthly will help you pay off your mortgage sooner. Or vice versa, by decreasing your frequency, you could potentially save some money and have a little more margin in your budget.
- Review your pre-payment privileges to pay an annual lump-sum payment of 15-20%, or increase your monthly payment amount to pay off your mortgage sooner.
Overall, a mortgage check-up is a great opportunity to discuss any life changes, examine your current situation and plan future goals to ensure that your mortgage continues to work for you.
Our In House Mortgage Team is always happy to meet with you to discuss your current mortgage needs and review all of your available options. We love helping clients find the best rates and terms that suit their life and budget.
You can also learn more about our mortgages by visiting our mortgage page HERE.