What is the Rate Review Process?
All individuals who request a rate review of their current loan qualify free of charge. The results of the review determine if your current loan merits new terms. Loan specialists examine options for the current loan. During the repayment of a loan, it’s important to remain in good financial standing.
The rate review process is similar to the loan application process. Lenders take a look at your ability to pay. So, they’ll request financial documentation from you and evaluate your current financial position. Loan specialists take a look at your income, credit history, and other outstanding debts.
During the review, your loan specialists examine your current loan terms too. This includes taking a look at the monthly repayment, interest rate, and insurance.
It’s in the best interest of a lender to help their clients. Some lenders don’t have the freedom to improve a client’s loan terms. Non-bank lenders, such as Mortgage, however, do. We’re in the business of using innovative tools to deliver the best loan terms.
The benefits of a rate review include lower interest rates, shorter loan terms, and qualifying for a different mortgage. In some cases, there’s an opportunity to refinance. The savings can help you finance a renovation, child’s education, or a second home purchase.
Rate Review Process Conclusion
The rate review process is similar to applying for a home loan. Our Mortgage House loan specialists take a look at your current financial situation and the results of the review. To prepare, explore our online mortgage repayment calculator.