How do You Know It’s Time for a Home Loan Health Check?
While home loan interest rates continue to stay low, the competition between lenders is on the rise, and that itself should be a prompt that it’s time for you to review your loan and finances and get yourself the best deal.
This is especially important if you’ve had your home loan for a while. A recent report reveals that loyal mortgage customers who stick with the banks they’re used to are wasting money. Chances are that the loan you started off with years ago may not be the most competitive in the current market and you may be missing out on many of the benefits lenders are offering today.
From discounted rates for refinancing, extra loan features and fee-free loan accounts, it pays to shop around and make sure you have the right loan for your needs now.
Most people get into the routine of paying off their mortgage and don’t even realise how much they could save by switching to a better deal. In doing so, you’re missing the opportunity to reduce the amount of interest payable and pay off your loan faster.
According to the home loan experts, your mortgage should be given a health check as regularly as your car or your health. To make sure you have the best home loan product that suits your current needs, consider the following:
- You’ve increased your income since you took on your loan
- You’ve paid off smaller loans or closed down credit cards
- You’re paying for home loan features you are not using
- You’ve been paying off your loan for some time and have built equity
If any of these apply to you, you could use this as leverage to negotiate a better deal on your mortgage and increase your cash flow. It may be the right time for a home loan health check.
You don’t have to change lenders if you’re happy with your existing one. Simply request for a home loan review with your lender, it will cost you nothing and could save you thousands.
With a home loan health check, you could get better loan features, a lower interest rate and lower more manageable repayments. This is also a great opportunity to unlock additional finance to consolidate other debt or to buy an investment property. Alternatively, a better interest rate will also allow you to build equity in your current loan faster. Don’t put this off any longer.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for information about the best options for you when it comes to your mortgage.
Speak to us today.