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Mortgage-Matters

Mortgage check-up time

Hey, I get it. Mortgages are boring! Why would you want to revisit your mortgage every year?

Your mortgage is likely the largest investment you will ever make; yet, most Canadians don’t even think about it after first signing off until renewal time is approaching or they are considering a re-finance to access equity.

About 80% of Canadians visit their doctor at least once a year to help ensure they remain physically fit, but far less are checking their financial fitness annually. 

It’s time for a mortgage checkup. Thankfully, this checkup doesn’t require you to face your weight on that maddeningly accurate doctor’s scale, or sit in a cold and drafty little room with an open hospital gown. Actually, it’s a mortgage checkup that’s in order, and making time for a quick review may yield some amazing results.

Life changes, families grow, jobs move, retirement objectives shift. There are any number of reasons why your mortgage, and possibly your entire financial picture, should be evaluated from year to year. Maybe there are no changes needed, but if there are, it’s better to identify them early.

The mortgage that you signed up for a few years ago may no longer be the best fit for you. Doing a financial checkup is a very smart thing to do annually. Many often just wait for the renewal letter before they look at their mortgage and then go back to their current lender without considering whether that mortgage meets their current needs.

There are so many things that a mortgage can do for you. It can help you become more tax efficient, build wealth for retirement, renovate your home, consolidate high-interest credit card debt or perhaps invest in a business, purchase a vacation or rental property, and so much more.

When you obtain a mortgage, it is most likely the largest financial transaction of your life. Here’s a thought for you: instead of focusing solely on the interest rate, perhaps it might be important to consider various strategies that you can utilize within your mortgage that will assist you with your goal of ‘mortgage freedom’ and ‘financial freedom’ when you are ready to retire.

Having the same mortgage strategy your entire life is not always the best financial decision. If you are applying different mortgage strategies at different stages of your life, just like your other investments, it can lead to the financial wealth and the independence you are hoping for in retirement.

Don’t wait for your mortgage to come up for renewal and don’t wait until after you have made a major change in your personal situation. By reviewing annually you will ensure you stay financially fit.

Give me a call today for a review. I promise it won’t hurt!



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About the Author

April Dunn is the owner and a Mortgage Broker with The Red Door Mortgage Group – Mortgage Architects. She has been assisting clients to purchase, refinance or renew their mortgages for over 20 years.

April has experience as a Credit Union manager, a Residential Mortgage Manager with a large financial institution and as a licensed Mortgage Broker. By specializing in Strategic Mortgage Planning she has the tools available to build a customized mortgage plan, with the features and options that meet your needs.

April provides a full range of residential and commercial mortgage financing options for clients all over the province of British Columbia and across Canada through the Mortgage Architects network.

Contact e-mail address: [email protected] or by phone at: 888-561-2679.

Website:  www.reddoormortgage.com



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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