How Much Does the Rate Review Process Cost?
If a homeowner decides they would like to begin exploring options to renegotiate their mortgage terms, they should first consider requesting a rate review. Through the mortgage rate review process, a mortgage expert will review information about the homeowner and their current home loan to determine if making any changes to the loan would be beneficial.
The rate review process is generally a free service, however, if there proves to be a valuation at cost, the homeowner will incur a fee. There is also a $100 fee for the administrative costs to successfully alter the home loan terms to match the rate review results.
The mortgage rate review process can benefit a homeowner in many ways, including the following:
- Potential of qualification for an additional mortgage
- Ability to repay all high-interest credit resulting in lowered monthly mortgage repayments
- Lowered mortgage interest rates
- A shortened home loan term
- A potential determination that the current home loan is the best fit for your financial position
- Potential mortgage refinancing if adequate equity is discovered
A mortgage should be reviewed if any significant changes happen in your life and do not always end with a fair amount of benefits. The results of the mortgage rate review process vary widely on a case-by-case basis.
If you are interested in requesting a mortgage rate review, contact your mortgage broker or lending specialist to schedule. For our Mortgage House clients, our mortgage experts are prepared to assist you with your review, contact us today to schedule.