Circumstances can change, leaving your home loan less suitable than it was originally. A home loan health check can reveal if you’re paying too much.
What’s involved?
If you’re a homeowner, it’s important to regularly assess whether your current mortgage is still the best fit for your financial situation. This is where a local mortgage broker can help. They can conduct a thorough home loan health check either in person or over the phone to determine if your loan is still competitive and tailored to your individual needs. By having an expert handle this process for you, it can alleviate any stress and ensure that you’re not paying more than you need to. It’s recommended to schedule a home loan health check at least once a year or whenever your circumstances change.
Questions to ask
Be aware of what you want checked. Think about the following when you speak to your broker:
• Am I paying an unreasonably high interest rate?
• Am I paying high fees?
• Am I happy with the service I receive?
• Does my loan give me the features I need?
• Am I paying for features I don’t use?
• Have my financial circumstances changed?
Benefits
If you’re a homeowner, it’s always a good idea to get a home-loan health check from a local mortgage broker. This service is typically free and could potentially save you thousands of dollars. By reviewing your current home loan features, a mortgage broker can suggest improvements such as a lower interest rate or a more manageable payment structure. Don’t miss out on the opportunity to optimize your home loan and save money in the long run.
Checking the state of your current loan could uncover the possibility of taking out additional finance, which can consolidate any other debt you may have or help you purchase an investment property.