How long has it taken for you to settle into that home? Here’s something for the folks who have been making mortgage payments for quite some time now. There’s a fair chance that you are sleeping on the opportunity to save some money.

As you made your mortgage payments over the years, you built up your home equity. Furthermore, in today’s ever-changing economic conditions, performing routine home loan health checks is an excellent way to ensure that your current home loan is still the best one for you.

Home Loan

What is a Home Loan Health Check-up?

A home loan health check-up is like the regular checkups you get at the doctor’s office for your personal health. While you might wish to save a few extra bucks by trying to conduct it independently, hiring a professional can help you save more.

As they always have an ear to the ground for movement in the mortgage market, they evaluate different factors like your interest rate for your repayment type, the mortgage term pending, the home equity you have accrued, and so on. Covering all the bases, they can give you a precise and accurate report on whether your current home loan suits your needs or not.

What Are the Benefits of a Home Loan Health Check?

Do you remember the last time you conducted a home loan health check? Don’t stress if you haven’t conducted one in years; you definitely aren’t the only one making that mistake. Here’s a list of benefits you are missing out on when you aren’t conducting annual or quarterly home loan health checkups.

  • Pay off your home loan faster
  • Opportunities to upgrade your home
  • Gain access to better home loan features
  • Secure better interest rates
  • Chances to lower your monthly repayment
  • Tap into your property’s value

What Questions Should You Ask Yourself While Reviewing a Home Loan Health Check?

Professionals can wrap up home loan health checks within 15–20 minutes. Yet, if you still wish to do it independently, here’s a list of questions you could ask yourself to review your home loan. 

  • Do you want to pay off your home loan faster?
  • Are you struggling to make ends meet with your current commitments?
  • Are you planning any major purchases in the near future?
  • Do you wish to consolidate any other debts?
  • Have you been making mortgage payments for years?
  • Are you likely to see a major change in your financial situation within 12 months?

If your answer to most of these questions was yes, it’s about time you consulted a professional to review your mortgage. You have a significant chance of benefiting from a home loan health check.

Want to look over your current home loan and see if there are better options on the market for lenders?

Contact us if you want to find a mortgage loan that fits your needs perfectly.

Ready to take the next step in your property journey?

Connect with an expert home loan specialist from Lend & Co today