Checkups are a good thing. We get our cars checked up, we get our bodies checked up with physicals, and we get out teeth checked up with cleanings. Why not checkup your mortgage? If you haven’t thought of getting a mortgage checkup you may be missing out on opportunities to save yourself money.
Just like all of the other check-ups in your life, re-assessing your mortgage financing every few years is a smart decision.
A lot can happen in the span of a few years.
You’ve built equity in your home. Your income may have increased – or decreased. And of course, mortgage interest rates change regularly. The once perfect loan that was a good fit when you first purchased your home may not be right for you today.
It would be highly encouraged to consider refinancing for a lower interest rate if your income has increased or you’ve paid down your debt.
Lower Rate – Shorter Term
If you are able to reduce the number of years of your loan from 30 years to 15 you will be able to pay off your mortgage faster and save money on the interest from the reduced term.
A checkup can be even more helpful and relevant if you’re considering buying a new home or if you want to access the equity you have in your home.
When you refinance for more than the amount of your existing loan, you can receive the difference in a cash payment to make upgrades on your home and to pay off debt.
There are other ways to save if you qualify as well. You could consider doing away with mortgage insurance, you could find out if you’re eligible for any special offers for home borrowing. Certain benefits may be available to you based on your employer, union membership, or military service.
It’s good to hold a checkup with a mortgage professional at least once a year. Your mortgage checkup only takes a few minutes and includes a review of your mortgage goals, a discussion of any upcoming large purchases and how they impact your budget and most importantly is a great way to make sure that your mortgage still aligns with your current goals.
Call one of our mortgage professionals today to find out if you can save a lot of money.
The Certo Team 55 N. Arizona Place Suite #103 Chandler, AZ 85225 602-429-6789
Contact a licensed housing specialist now! 602-429-6789