Have You Had a Mortgage Checkup?
Nov 16 2020
Consider scheduling an appointment for a mortgage checkup once a year or any time your finances change drastically due to a major life event, such as:
- The birth of a child
- Your kids going to college
- A big promotion
- Job loss
When we review your mortgage, we’ll look at your monthly payment, income, credit score and mortgage insurance. We’ll also talk about your goals. If you can afford a higher monthly payment and you’d like to pay off your home sooner, we can figure out whether it might be worth shortening your mortgage term.
Mortgage rates are always changing. They’re now historically low, so if you took out your mortgage when rates were higher, we can crunch the numbers to show you if refinancing might be in your best interest.
If you’ve built up equity in your home and you have a major expense coming up, or if you’d like to pay down debt, a home equity loan or line of credit can help you. A home equity loan or line at Bell is secured financing, so it may have a lower interest rate than an unsecured loan.
Many people are required to pay private mortgage insurance when they take out a conventional loan – especially if their down payment was less than 20 percent of the home’s purchase price. But it’s not something you have to pay throughout your mortgage. When the principal balance of your mortgage reaches 80 percent of your home’s original value and you meet other criteria, such as being current on your payments, you can ask to cancel your private mortgage insurance. We can help you figure out if you qualify.
In addition to helping you pursue your financial goals, making sure your mortgage is right for your stage of life can also save you money. Call or email your mortgage banker to set up an appointment for your next (or first!) mortgage checkup.