Mortgage Check Up
2023-01-18 | 11:57:34
The last year has seen many changes with interest rates. Its a new year and it’s a great time to consider doing an annual mortgage check-in! Organizing a quick mortgage review each year can help provide peace of mind and ensure you’re on-track with your future goals, while still ensuring you’re able to manage the monthly payments.
With interest rates on the rise, a mortgage check-up is a great opportunity to review your current situation and potential options, including taking a look at your current mortgage rates and terms. For instance, perhaps now is a good time to consider locking in your variable rate mortgage to a fixed term?
This is also a great time to look at your payment frequency for potential savings, such as moving to an accelerated bi-weekly plan versus monthly (or vice versa if you are finding it difficult to meet your current payments). On the other hand, if you have extra savings you want to put on your mortgage, this is a good time to review your pre-payment privileges to do an annual lump-sum payment of 15-20%, or increase your monthly payment amount to get your mortgage paid off more quickly!
You may have incurred some debts in the last year and having difficulty making the monthly payments, or you owe CRA and not sure how you will be able to make the payment.
Overall, your annual mortgage check-up is a great opportunity to touch base and discuss any life changes, your current situation and future goals to ensure that your mortgage continues to work for you and you have peace of mind all year long. Please don’t hesitate to reach out to me any time to book your check-up!
Contact me today to discuss how we can make your situation work for you now!