Is your mortgage still working for you? A lot can change in twelve months: interest rates, your income, your goals, and even the value of your home. A quick annual mortgage review can provide you with a better picture of your financial health and identify opportunities to improve it.
A mortgage review is an annual assessment of your loan to ensure it still aligns with your financial situation and long-term goals. Think of it as a tune-up for your home financing. During a checkup, a loan officer reviews:
Even if you’re happy with your current mortgage, it’s worth confirming that you’re still in the best possible position.
Homeowners should get a mortgage checkup every year because market conditions and personal finances change, and those changes can create opportunities to save money or reduce risk.
An annual review helps you:
Interest rates directly affect your monthly payment and the total cost of your loan.
Even a small rate reduction can:
A yearly mortgage checkup helps you compare your current rate to today’s market and decide if refinancing makes sense.
Your mortgage approval was based on a snapshot of your finances at the time you closed. That snapshot gets outdated quickly.
Changes that can improve your loan options include:
A mortgage checkup evaluates whether your improved financial position qualifies you for better loan terms now, not years from now.
Home equity increases as you pay down your loan and as your home value rises.
More equity can:
Many homeowners underestimate how much equity they’ve gained. A yearly review ensures you’re aware of your options.
As your life goals shift over time, you may need to adjust your finances, including your mortgage, to support your changing financial priorities.
You should schedule a mortgage checkup if you:
Your mortgage should support your life goals, not restrict them.
A checkup with Standard Mortgage is quick, free, and informative. It typically includes:
Even if no changes are needed, you’ll walk away with confidence knowing your mortgage is still the right fit.
Homeowners should get a review at least once a year, ideally around the anniversary of their purchase date. You should also consider a checkup after any major financial or life changes, like a job move, home improvement, or big purchase.
Your mortgage should be considered a long-term financial tool that evolves with your changing needs. Completing an annual checkup helps homeowners:
If you haven’t reviewed your mortgage in the past year, or ever, now is the right time for a checkup. Contact your local Standard Mortgage loan officer today to schedule your free checkup and make sure your home loan is still working for you.