Does your mortgage still suit you and your life?
A mortgage is not like a bag of survival rations: It won’t be good for you indefinitely. As your life changes, and as offers in the market change, home loans can become less and less competitive.
Because home loans can be time-consuming and stressful to acquire, many people simply don’t want to give them another look. This is a natural form of anxiety avoidance, but it can be unhelpful to you.
Happily, there is a solution.
Meet the ‘mortgage health check’
You might have seen finance brokers talking about home loan health checks. They’re useful, but a mortgage health check is much more comprehensive.
A home loan health check will answer the following questions:
is my interest rate too high?
are my fees too high?
does the service I receive make me happy?
does my loan have all the features I want?
am I paying for features I don’t use (or know about)?
have my financial circumstances changed?
But a mortgage health check looks much more broadly into your situation. That includes whether you could be paying the mortgage off more quickly.
For example, a mortgage health check will go above and beyond the loan itself, and will answer such questions as:
could I make smaller payments more often?
could I be paying a little bit extra?
what should I do when interest rates fall?
am I using an offset account, and if so, am I using it most effectively?
Critically, a mortgage health check will ask the ultimate question: Could I have a better deal overall?
Why is a mortgage health check beneficial to you?
There are many reasons why a regular health check is both helpful and beneficial.
You can end up with a better interest rate; you can come out the other site with a better payment structure, one that gives you more cashflow and/or pays your loan off more quickly.
You might discover that you can consolidate debt, gain access to more finance, or even improve the services that you receive from your lender.
In some situations, you might find that you can pay out your loan more quickly if you were to refinance it.
Here’s how it works
Book an appointment with an MFAA-accredited finance broker. That accreditation gives you access to knowledgeable, trained, and ethical advice. If you don’t have one, book an appointment with me before you keep reading. You can do that here.
You will be asked for all of the relevant information, and will get recommendations in return.
You pay nothing, but gain the benefit of the check and the expert advice.
Schedule your next health check for 12 months’ time.
If you’re like the rest of us, you put your health checks off!
But, just as with your own health, it’s beneficial to book your mortgage in annually.
A mortgage health check can be done quickly, sometimes in just 20 minutes! And while it costs you nothing, it could save you thousands.
Are you willing to leave that on the table?
Book your mortgage health check now by calling Esteban Mesa on 0423 515 251.