You should see not just the doctor, but also a mortgage broker or specialist once a year. You could potentially be losing out on a lot of savings because of a dip in interest rates or new mortgage products in the market. Keeping up to date with the dynamic financial market can open up a variety of opportunities to strike gold.
Three most important things that you as a home owner should track and assess, according to a Financial Post article, are your present risk profile and likely changes in it in future, your total income and current mortgage rates for loans. You can make use of some great mortgage tools on our website to assess if a change in your mortgage can be worth your while at present. Such tools include mortgage calculators or penalty calculators, available on many good financial planning and mortgage sites. Other ways to stay up to date with your mortgage and market is to sign up for newsletters or email alerts advising on rate changes when they happen.
Changing your mortgage or refinancing can have many benefits. You can use the extra savings or money from the mortgage for projects like renovations, which can greatly improve the valuation of your home. Extending the loan term can also give you a breather, if the monthly loan payments you are dealing with are hefty. In any case, nobody minds a cheaper loan, with which you have to pay a lower interest fee – there are after all numerous ways to use the extra money you save.
