14 Oct 2022

What Is the Rate Review Process?

Rate Review

Homeowners looking to work with a mortgage expert to conduct a mortgage rate review may want to know what the process is like. The mortgage rate review process is exceedingly similar to the home loan application process and exists to determine if making any changes to the borrower’s current mortgage would prove to be beneficial. The mortgage rate review process consists of a mortgage expert reviewing various information about the borrower and their loan, including the following:

  • Borrowers’ current financial status
  • Borrowers credit score
  • Borrowers income
  • Home loans interest rate
  • Home loan’s current monthly repayment cost

Mortgage rate reviews can prove to have extremely beneficial results for a homeowner, including the following:

  • A shortened home loan term
  • Ability to repay high-interest credit resulting in lowered monthly mortgage repayments
  • A determination that the current home loan is the best fit for your financial position
  • Potential mortgage refinancing if adequate equity is discovered
  • Lowered mortgage interest rates
  • Potential qualification for another mortgage

Have you had a mortgage rate review recently? If you are facing any of the following situations, it may be time to schedule a mortgage rate review:

  • You have not received a mortgage rate review within the last three years
  • You are facing a change in your marital status
  • You are currently facing or will face a change to your current mortgage interest rate
  • You are planning on funding a large purchase
  • You are facing changes to your income
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