Do you think you might be paying too much for your mortgage? At any given time, there are countless people who are spending more than necessary towards their home loan, without even realising it.

Reviewing your mortgage may seem like a chore, especially if you’re fairly comfortable making your current payments but in fact it is a highly advisable process that can end up saving you thousands of dollars.

It’s a good idea to review your mortgage every 2-3 years and a good mortgage broker can help to make the process easy and identify whether you could be making lower monthly payments, repay your loan sooner or change to a lower interest rate. If you’re concerned about your mortgage payments, start exploring refinancing options immediately. Even people who are happy with their existing lender can benefit from reviewing their mortgage as the industry is always changing and there is often a better deal out there.

Here are some signs that you should review your home loan:

• You have developed a better credit rating. Your credit may not have been perfect when you first took out your home loan and chances are that, if you’ve been making your payments on time, your rating has significantly improved. Your improved credit rating may very well convince a lender to give you a better deal when refinancing your mortgage.
• Your income has changed. During the time it takes to pay off a home loan, it’s probable that your career has continued to progress, with corresponding pay increases – or it may be that your income has unexpectedly decreased. In either case, reviewing your mortgage will help you to work with your current financial situation, rather than outdated circumstances.
• A whole range of changes in your personal life can affect your financial situation. Family changes like children, inheritance, marriage, divorce and so on may make it necessary to review your mortgage.
• The market is always changing and this can affect how much you pay toward your home loan. Market changes, such as interest rate variation, can signal a need to modify your mortgage.

If you’re really not satisfied with your current lender, a good motivation to change is that lenders often make special offers for new clients and you can really take advantage of this by switching lenders wisely.

The easiest way to reduce your check if you’re paying too much on your loan is to book an appointment with one of our Mortgage Specialists at Smartline Rockingham. The truth is that if you don’t ask, you don’t receive.