Who Qualifies for a Rate Review?
Everyone qualifies for a mortgage rate review, including both new and existing customers, as long as they meet the current credit policies. Mortgage rate reviews are a free service completed by a homeowner’s current mortgage broker. A mortgage rate review allows an individual’s mortgage broker to review various key components of a home loan agreement, including the homeowner’s financial status, income, and credit score, as well as the home loan’s current rates and monthly mortgage repayment costs.
Mortgage rate reviews can prove to be extremely beneficial for homeowners based on their individual results. If a rate review yields positive results, a homeowner may qualify for the following benefits:
- The potential of a decreased principal loan amount, although this is a rare beneficial result
- The potential for a lowered mortgage interest rate
- The potential for a loan term period extension
- Potential conversion of the loan type from a variable interest rate loan to a fixed interest rate loan
However, it is important to keep in mind that the results of a homeowner’s mortgage rate review will widely vary from individual to individual.
If an individual is interested in requesting a mortgage rate review process from their current mortgage broker, they can reach out to learn more about how to schedule ($100 cost for changing contract) their own mortgage review.
Mortgage House clients can benefit from a mortgage rate review whenever they’d like. Reach out to us today to schedule your review and learn more about the potential beneficial results you may receive!