6 Mortgage Health Checks You Should Perform On Your Own – Part I
As they say, change is the law of life. Quite similar is the case with the mortgage people’s situations, which certainly change over the passing time. Is your current home loan the most suitable option for you, as the situations are changing throughout? That must be your mere motive too.
You must be, certainly, aware of the fact that your mortgage lender holds the ability to check upon the same. A mortgage lender is more than capable to see if your existing mortgage is relevant to your current circumstances. In addition, he/she can check if it is in the picture and up to date with other products on the market too.
It is suggested, however, that you should perform health checks on your mortgage on your own too. Are you wondering how to be there and do that? Read on.
#1 How Necessary and Useful Are all the Features for Me?
Which you may have wished for at the time you applied for the loan, chances are, and you may no more need those features. How many of the features have you utilised completely until date? Ask if these are necessary. It’s worth it since some of these features may come at a premium price. All it will need to convert from one product to another is a fee varying from 0 to 150$, that too with your very current lender.
#2 What Changes Has the Life Brought.
There is no second thought upon the fact that personal circumstances change. Have you started a family? Is your day-to-day expenditure increasing? Chances are that you entered a more prosperous career. Come rain or shine, there will be times when the repayments will get either more difficult or easier than ever. Make sure any of your refinances and investment purchases are coordinated with your loan.
#3 Do I Have the Updated Valuation?
Who does not want the updated valuation when there is a significant growth in capital across the nation? Certainly, none. In case you are keeping the same loan for a good number of years, it’s high time you need a change. Check if you have any equity and work it smart by using it for the renovation of the home. You never know, it can also be sufficient to consider other lifestyle upgrades – maybe a beyond the sea holiday!
Keep on checking this space to know more ways to keep a health check on your mortgage. Until then, you can dream about the overseas holidays, if not, your dream home!