A Fast, Free Mortgage Review will Tell You!
When you want to know if you’re meeting your health goals, you may step on your bathroom scale and check your weight. Or visit a local gym to have a professional fitness trainer run you through basic fitness assessments. Or even make an appointment with your doctor for an annual check-up and set of lab tests. These are all smart, responsible actions you take to validate that you are in good health, or help you identify areas in need of improvement.
Your mortgage fitness is equally important. As one of the largest investments you’ll ever make, you need to know if your mortgage is performing as your expected and as well as it could be. And the implication can be large as well. By refinancing your mortgage, you may be able to save tens of thousands of dollars over the life of your loan. Even if you’ve refinanced three or more years ago, you may be able to refinance your loan and realize benefits, such as paying off your loan more quickly or lowering your monthly payment.
An Annual Mortgage Review Helps You Maintain Healthy Finances
There are a number of reasons why having an annual mortgage review makes good sense. Within a year, rates may have gone up or down, your financial situation may have changed, and your goals may be different such as finding a way to afford to send a child to college, buy a larger home or start preparing for retirement.
A mortgage review is a great way to ensure your mortgage is still meeting your needs and helping you achieve your financial goals.
The mortgage review will:
- Reveal how well your mortgage performs relative today’s interest rate
- See if your loan program needs to be adjusted to accommodate new goals or circumstances, such as a change in salary or living expenses
- Include an analysis of any upcoming large purchases and how they can impact your budget
By having your mortgage tested, we’ll find out if we can:
- Drop your interest rate
- Cut your monthly payment
- Reduce the length of your loan term
- Eliminate your PMI (Private Mortgage Insurance premiums)
- Use your home equity for cash or renovations
- Qualify you for purchasing an investment property or second home
The review also indicates:
- Whether your credit report has issues that need attention
- Your eligibility for special home borrowing offers, such as VA loans
While the review may reveal your home loan doesn’t need any changes, it will give you peace of mind knowing that your mortgage is in the best shape possible. You’ll be reassured that until the next review:
- You have the lowest interest rate possible
- You’re on track to have your loan paid off
- You have a financial program that meets your specific goals
Contact a PrimeLending home loan expert today for your fast, free and easy mortgage review.
from the PrimeLending blog by Jack Honig