Could My Rate Increase after a Rate Review?
Current homeowners considering requesting a mortgage rate review from their lending specialist or mortgage broker may wonder if it is possible for their mortgage rate to increase after requesting a mortgage rate review. Luckily no, an individual’s mortgage rate will not increase after a mortgage rate review has been conducted by their mortgage broker.
A mortgage rate review is a free service that is provided by an individual’s mortgage broker or lending specialist. Rate reviews allow a homeowner’s broker to review their current financial standing, income, and credit score while also reviewing the home loans’ current interest rate, terms, and monthly mortgage repayment cost to determine if making any changes to the terms of the loan will prove beneficial to the homeowner.
Mortgage rate reviews can end in a homeowner gaining certain benefits from their mortgage broker, including the following:
- The potential of becoming qualified to repay all of your high-interest credit, resulting in lowered monthly mortgage repayments
- Lowered mortgage interest rates
- The potential of receiving a determination that your current home loan terms and rates are the best matches for your current financial status
- The potential for refinancing your mortgage if adequate equity is found during the review
- Potential qualification for a homeowner to take out an additional home loan (generally used for second properties or vacation homes)
If you are interested in requesting a mortgage rate review, reach out to your current mortgage broker to learn how to schedule the process. Mortgage House clients are eligible to request a mortgage rate review at any time and can call to schedule as soon as they wish.