Most of us tend to think of our mortgage as the ultimate “buy and hold” purchase. Once the paperwork is signed for your term, everything just goes on autopilot until it comes due again. So, why do you have to do an annual mortgage check-up?
While I feel like I don’t have to say this, a lot can happen in one year (2020/2021 anyone?) This is particularly true for your finances—childcare, tuition or school expenses, cars, vacations, etc. It’s a great idea to do an annual mortgage check-up to review if your mortgage is still working for you in the context of your current financial situation.
These are often the most common questions or concerns clients have at their annual mortgage check-up:
- You’re making more money (or less money) than you were when you began your mortgage,
- You’re carrying some credit card or other high-interest debt that is eating away at your monthly cash flow,
- You’re considering a move to a new home in the next year or two,
- You’re a bit concerned about a large expense looming in your future like university tuition, a wedding, a leave from work, a new career or business, a big vacation or a new vehicle,
- You’re wondering if you can tap into some of your equity for a special renovation project to upgrade your home and,
- You’re wondering if you can afford a vacation property or are considering the benefits of an investment property.
If any of these sound familiar to you, and if you have held your mortgage for a year or more then it’s worthwhile to reach out and schedule a chat about your current mortgage.
And just like your initial mortgage purchase, my services are free to you! A mortgage is more than a single transaction and it can truly accomplish so much more when you properly structure and integrate your mortgage into your overall financial plan.