An annual financial check up is as important for your finances as a physical is for your health and your mortgage is a large part of your finances. As your life changes, a mortgage review helps you determine if your mortgage should change. While a check in at least one time per year is ideal, you should definitely schedule one now if:

• Your marital status or household income has changed
• Your interest rate has changed or will be changing soon
• You have a large upcoming expense
• It’s been at least 3 years since your last review

In short, a review will help you ensure your mortgage is meeting your changing financial needs.

What’s involved?

A mortgage review is similar to applying for a mortgage in the sense that a mortgage expert will work with you to examine your credit, your income and your current financial situation, in addition to looking at your current mortgage, the interest rate, monthly payment, mortgage insurance, etc. Based on these factors we can determine if your mortgage is optimized for your current situation, or recommend specific changes that would be beneficial for you.

What are the benefits?

Ideally, your current mortgage is still the best fit for you. However, there are several potential benefits:

• Lower payments. A review might uncover circumstances that can result in a lower monthly payment
• Shorter term. If a lower interest rate is available, you might be able to refinance and shorten the amount of time that it will take to pay your mortgage off, without increasing your mortgage payment. Or perhaps you can afford a higher payment, in which case you can further reduce the amount of time to pay your mortgage off, thus saving you potentially thousands of dollars in interest costs.
• Cash out or Refinance. If a review reveals you have enough equity in your home, you might refinance and take “cash out”. Likewise, you might pay off existing (higher interest) credit to lower your overall monthly payments.
• Qualify for another mortgage. A review might show if you’re in a the position to finance a vacation home or investment property.
• Status Quo. A review might show that your current mortgage is the best for you and no action is necessary. This gives you peace of mind knowing you’re controlling your finances, your finances aren’t controlling you.

Information we require for your review: