What are Rate Reviews?
Homeowners who are interested in negotiating their current mortgage rates with their lending specialist or mortgage broker should be aware of mortgage rate reviews. Mortgage rate reviews are a free service that allows a mortgage expert to review the homeowner’s current financial standing, income, and credit score while their home loan’s current monthly repayment price and interest rate are also reviewed.
Requesting a mortgage rate review prior to negotiating your current mortgage rates with your mortgage broker is a great way to gain an understanding of where your home loan stands and use it to your advantage during your negotiations. A mortgage rate review can reveal great benefits to a homeowner, including the following:
- Potential of qualification for an additional mortgage
- Potential mortgage refinancing if adequate equity is discovered
- A shortened home loan term
- Lowered mortgage interest rates
- A potential determination that the current home loan is the best fit for your financial position
- Ability to repay all high-interest credit resulting in lowered monthly mortgage repayments
However, these benefits are not guaranteed results of a review. Mortgage rate review results widely vary from individual to individual. If you are interested in requesting a mortgage rate review, reach out to your current mortgage broker.
Generally, mortgage rate reviews are a free service. However, if your home loan proves to have valuation at cost, you will be subjected to a fee. Additionally, the administrative costs required to successfully alter your home loan to match the reviews results costs $100.
Mortgage House clients are entitled to schedule mortgage rate reviews, and our experts are prepared to provide excellent assistance. Give us a call today to schedule your mortgage review!