Here’s my dilemma – how do I communicate the importance of an annual mortgage review, not only to my clients but to everyone who currently has a mortgage, including a home equity line of credit?
This is probably the largest financial transaction of your life yet, in general, people are apathetic and do not take the time to review their current mortgage until close to renewal time.
I know from experience, reviewing your mortgage annually may save you thousands of dollars in interest if your mortgage is structured and managed correctly.
Many may not have even heard of an annual mortgage review as this is not a service that is generally offered by the major financial institutions, or even financial advisors. If you have a mortgage with a major financial institution, in general, the only time that they will review your current situation is if you are making a request for further funds or they are trying to get you to commit to an early renewal of your mortgage.
It is important to take time every year to review your mortgage not only because life changes but also there are ongoing changes in the mortgage market. There are opportunities to save dollars, lots of dollars, or increase your wealth as you move towards retirement.
Whether your goal is to pay off the mortgage as soon as possible, to pay the least amount of interest possible over the life of the mortgage, improve your monthly cash flow or build and access equity for other investment opportunities, I am confident that my annual mortgage review will be beneficial.
My commitment is to ensure your mortgage is always optimized for your complete financial wellness.
Did you know that there are strategies implementing your mortgage that can dramatically increase your net worth?
Interest rates have risen dramatically over the past few months and it’s very possible interest rates are going to rise again in the near future.
Do you have a strategy in place to manage the increase in payments you will be facing at renewal time? Have the payments been rising on your adjustable rate mortgage? There could be strategies that will assist you in your goals and that will be discussed during your annual mortgage review.
So why wouldn’t everyone want their mortgage reviewed and optimized?
I encourage everyone to make time to have an annual mortgage review and find out if there are opportunities to improve your overall financial wellness.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.