Does Your Mortgage Still Fit?

fatmanWhen was the last time you pulled out your mortgage documents and reviewed your rate, terms, conditions and benefits? If you’re like most people, it’s probably right about the time you signed up! It may be time to try your mortgage on for size, make sure it is still a perfect fit for you. Here are a few of the things you should be measuring up to ensure that you are on track.

Achieving your Goals
Does Your Mortgage Still Fit?

Discuss your financial situation and home ownership goals to make sure you are still going in the right direction. You can make changes to your mortgage (payment frequency and payment amount) if they will better help you achieve your home ownership goals. Consider that your employment and income may have changed, your lifestyle may be different with the arrival of a new family member or you find yourself moving closer to retirement.
Reducing your debt
Consolidate your high interest debts by rolling them into your mortgage and using your savings to increase your cash flow or put towards another need. Credit cards, lines of credit and car loans are usually at much higher rates of interest than those being offered for mortgages. A refinance may be the solution that fits.

Begin Investing or Renovating
Tap into your home equity to allow any number of projects to begin. Consider freeing up the equity in your home to allow for a home renovation to increase the value, the purchase of a vacation or investment property or putting a child through post secondary school.
There is no reason to wait until your mortgage renewal date to review your current mortgage. Whether you are one year into your term or in the last few years of your mortgage, it pays to take the time for a quick review with your Mortgage Broker.
One of the key reasons for using a Mortgage Broker is the peace of mind that comes with knowing our services don’t end after your deal is closed. Access to your broker for trusted advice lasts beyond the duration of your mortgage term. We are here to make sure it’s a perfect fit or we’ll help you find the mortgage that’s just right for you!

– Written by Andrea Sammut, Licensed Mortgage Agent 
at Mortgage Architects Brokerage #10287 located in Orangeville, Ontario