When To Check In On Your Mortgage?
If you’ve been caught up with life and haven’t found the time to evaluate your mortgage program, you may have missed out on low-interest rates and numerous benefits. Your existing mortgage may not even be meeting your current needs and financial demands.
As a professional mortgage broker in Cambridge, ON, I understand that keeping track of your mortgage program over the years can be quite a hassle. While it is recommended to get an annual mortgage check-up, there are a few indications on when you can get one.
To reduce your search time and yield maximum returns from your existing mortgage, I have compiled a list of points to help you figure out when to check in on your mortgage.
1. When you want to refinance
If you want to refinance for renovations, equity, debt consolidation, or take advantage of low rates, do a mortgage check-up.
2. When it’s time for a mortgage renewal
Six months before your mortgage is up for renewal is a good time for a mortgage check-up. This gives your broker time to shop for lenders and rates to find the best mortgage option for you.
3. If you’ve had life changes that could alter your finances
If you’ve undergone a major life change, a lot can happen within your mortgage term. If you’ve received a new job offer or salary bump, you may want to take on more risk. If you’ve lost your job or have more financial obligations, you may want to opt for locking in your rate. Whatever your situation may be, it’s good to do a mortgage check-up to revaluate your situation after each life event.
4. When you want to lock in your mortgage rate
If rates are starting to increase, it is worth your while to have a mortgage check-up to see if you can lock in your rate and avoid paying higher interest.
If you’re looking to learn more about a mortgage check-up or need to schedule a mortgage check-up, reach out to Angela Milosevic. As a recognized mortgage broker in Cambridge, Ontario, I can review your existing mortgage deal and help you finalize the next best step for you.
I have been in the mortgage industry for over twelve years and in that time, I have provided exceptional mortgage services to clients across Kitchener, Waterloo, Guelph, Hespeler, Preston, Hamilton, Burlington, Oakville, Mississauga, and Brantford.