Our mortgage brokers at Smartline Rockingham are always happy to provide a mortgage checkup. We have saved many of our clients thousands of dollars that way. So, what is a mortgage checkup and how does it save you money? We check out your current mortgage to make sure it is appropriate for your current situation.
With your permission, we compare it to the best we can find for you on the open market. We make our recommendations contingent upon our findings.
When is it Time for a Mortgage Check Up?
You can always have a mortgage check up but here are times when you should consider it mandatory.
End of Term for Fixed Rate
When your fixed rate “runs out,” most lenders will have a default rate. Usually it is the current variable rate. The bad news is that it is usually higher. The good news is that you aren’t locked into the loan anymore and can shop around.
End of Term for Interest Only
Many lenders can only offer interest-only terms for a fixed number of years. You will need to check with your lender to see if they can extend the interest only terms. If they can’t or if you just want to explore your options, let us help you find out what other lenders have to offer you.
Too Much Debt
If you have too many credit card and store loans, you may want to refinance and pull some equity out of your home to pay off your other debts. This is essentially turning your home loan into a very low-interest debt consolidation loan.
You Haven’t Reviewed Your Loan for Several Years
If you took out your home loan shortly after the Global Financial Crisis, for example, your terms and interest rates may be out of line with what everyone is charging right now. It could be taking thousands of dollars out of your pocket.
Call (08) 9527 1800 today for a home loan check up.