Reviewing your mortgage each year could be financially rewarding

Annual mortgage review

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 that 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 it is not a service generally offered by major financial institutions, or even financial advisors.

If you have a mortgage with a major financial institution, in general, the only time it will review your current situation is if you are making a request for further funds or it is 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, 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 there are strategies implementing your mortgage that can dramatically increase your net worth? Interest rates have risen dramatically in the last year or so. Do you have a strategy in place to manage the increase in payments that 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 take the time to have an annual mortgage review and find out if there are opportunities that will improve your overall financial wellness.

Please book a time here on my calendar so we have a conversation about your financial goals at calendly.com/april-dunn or email [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

April Dunn is the owner and a Mortgage Broker with The Red Door Mortgage Group – Mortgage Architects. For over two decades, she has been helping clients to arrange their financing to purchase a home, refinance, or renew their mortgages. Drawing from her extensive experience as a Credit Union manager, a Residential Mortgage Manager with a large financial institution, and as a Mortgage Broker, April has the necessary expertise to design a tailored mortgage plan with features and options that cater to each client's individual needs. April offers a complete range of residential and commercial mortgage financing services to clients throughout British Columbia and the rest of Canada through her affiliation with the Mortgage Architects network.

Contact e-mail address: [email protected] or by phone at: 1-888-561-2679.

Website: www.reddoormortgage.com

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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