Is it Time to Schedule a Mortgage Rate Checkup?
WHAT YOU’LL LEARN
- Why a loan officer should regularly reassess your loan
- What you can expect from a checkup
- The benefits you’ll see from a mortgage checkup
Everyone loves to taste a great cake or dessert and 9 times out of 10 you can’t eat just one bite! But what if the cake could taste even better? It’s hard to determine if you are getting the best cake or best rate if you are only getting one sample, catch my drift? Believe it or not, your mortgage could use an expert's assessment more often than you think! Having a mortgage reassessment of your finances might not be in the forefront of your mind at the end of the year, but it could be more advantageous than you might think. Everyone wants their mortgage to align with their current economic situation and goals, so as we draw closer to the end of 2022, it could be time to organize a mortgage checkup with your lender to ensure you're on the right track.Verify my mortgage eligibility (Sep 30th, 2023)
Why Schedule a Mortgage Checkup?
What's Discussed at a Mortgage Checkup?
During the checkup, the mortgage banker will inspect every aspect of your current mortgage. They'll ensure your loan's present-day structure is working and not eating up more ready cash than it needs to. The mortgage banker always keeps in mind how they can set you up for permanent success, so they may ask you some questions about the following topics.
Interest rates are in a constant state of fluctuation, so the mortgage banker will also look at your current interest rate and term. The rate you initially signed on for a few years and life-altering changes ago might not be the best one for you these days. If that's the case, the mortgage banker might tell you to consider refinancing your loan.
One other component the loan officer will discuss is your plans for the future. Say, for instance, you and your family are thinking about purchasing a new home in the upcoming years. Maybe it's because you’re expecting a child and you want to move to a better school district. Or maybe your kids are all grown up and it's time to downsize. Either way, the major financial and life decisions you see down the road will be discussed thoroughly.Verify my mortgage eligibility (Sep 30th, 2023)
Rounding out our list of potential topics the mortgage banker might discuss with you during a checkup is your credit score. Like interest rates and cash-flow, your credit score has the possibility of changing after the day you sign on for a home loan. If your credit score has improved, you might have the opportunity to lower your monthly mortgage payment.
The Mortgage Checkup's Benefits
- Get a Rate Quote
- Calculate Your Payments
- Find a Loan Officer That Fits Your Needs