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Reasons Why You Need a Mortgage Health Check

For most of us, our mortgages are something we take care of once and then forget about until it's time to sell our home. This should not be the case. In the same way that we all need to keep up with our exercise routines, get our cars serviced regularly, and maybe even get a complete health checkup done every once in a while, it's crucial to keep an eye on whether or not our home loan is serving its intended purpose and is still efficient.

Your original home loan and interest rate may not have been the best because your situation and priorities may have changed in ways you didn't expect. A change in circumstances can be anything from deciding to work in a different field to deciding to start a family.

Why do you need to do a home loan checkup regularly?

It is recommended that you schedule a home loan health check once a year, perhaps coinciding with other important dates such as tax day or the beginning of the school year. A mortgage or home loan health check is an evaluation of your current mortgage to make sure it is still the best option for you in light of your current financial and lifestyle circumstances.

The mortgage and home loan industry are experiencing constant innovation and rate fluctuations. Reviewing the health of your home loans regularly allows you to learn more about the specifics of your loans, which could help you save money and gain other advantages in the long run. There are many ways to lower the cost of carrying a loan, such as changing the loan's repayment schedule, negotiating for better terms, lowering your interest rate, or switching to a new lender.

Home loan health check: how?

It shouldn't take more than 10 to 15 minutes to complete a home loan health check. To check your current balance and give you an accurate idea of how much your home is worth, you must show proof of your current repayment schedule and address.

Asking the following questions about yourself can help you find a new loan that is more suitable to your needs before you inquire about getting your home loan checked out for health issues.

  • Would you like to reduce the amount of time it takes to pay off your mortgage?
  • Are you going to make any significant purchases in the not-too-distant future?
  • Are you interested in lowering the cost of your mortgage in any way?
  • Is there a chance that your current financial situation will improve within the next year?
  • Are you having trouble meeting all of your commitments at the moment?
  • Is the term of your home loan with a fixed rate or interest-only approaching its end?
  • How satisfied are you with the bank or other lender that you use?

If you responded positively to every one of these questions, it's possible that a home loan health check would be beneficial to you.

Benefits of a Mortgage Checkup

If you check in on your mortgage every year, or even every few years, you might find ways to cut down on your interest rate and monthly payment that could save you tens of thousands, if not hundreds of thousands, over the life of your loan. That's the main perk, since the money you save can go toward fixing your other money problems and making you more secure financially.

There may also be other gains from looking around for a better loan, such as a more helpful customer service team, streamlined online account management, or a set of terms and conditions that better suit your spending and saving patterns. Consider getting a mortgage checkup if you:

  • Consider increasing your current mortgage.
  • Nearing the end of a period with a fixed interest rate.
  • Have an intent to complete the mortgage payment process more expediently.
  • Hoping for a lower or secure repayment terms.
  • Preparing for renovation
  • Thinking about purchasing a property to use as a financial investment.

Get in touch with an expert. Call Reliiance Financial Solutions

For a mortgage health check, you need to look closely at your finances, just like a doctor looks at a patient's symptoms. However, you don't have to do this alone. A lending expert will be able to look over your home loan application with the following information:

Loans by Reliiance Financial Solutions

We all have different needs and requirements. Let our knowledge and experience help you get the most suitable financial solution for you. At Reliiance Financial Solutions, we work with you, for you.

Talk to a Reliiance Financial Solutions expert for a consultation


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