Have you had your yearly financial check up?
For anyone who owns a property with a mortgage, now is a fantastic time to get a financial check up, which could save you money or help you to reach your goals sooner.
It’s that time of the year when many of us are trying to make improvements in our lives and planning for the months ahead. High on the list may be a fitter lifestyle and getting that long overdue check-up at the doctor.
For anyone who owns a property with a mortgage, now is also a fantastic time to get a financial check up. This type of review is completely pain-free and doesn’t require you to wear a funny gown. But it can uncover some excellent opportunities that could save you money or help you to reach your goals sooner.
Reviewing your loans will help determine whether they are suited to your current circumstance, which may have changed since you first obtained the loans. A change in jobs, the arrival of children or a new wealth creation plan may all warrant an adjustment.
Even if your circumstances haven’t changed, there is a good chance that new products have become available that could save you thousands of dollars. The home loan market is very competitive and so lenders regularly try to outbid each other with various discounts and incentives.
Reviewing your mortgages can often result in lower interest repayments, higher borrowing capacity or more financing options. It is a vital exercise for both home owners and investors, but particularly the latter who may want to unlock equity for another investment.
Even if nothing changes at the end of the review, at least you have the peace of mind knowing your loans are giving you the best chance of financial success.
A lot of work goes into signing up for a mortgage, so it’s understandable why many people do not review their position regularly. But a financial health check is a simple process with enormous potential for financial gain. And it begins with a quick call to your trusted finance broker.