In the ever-changing world of finance, it’s important that you have a mortgage review on a regular basis. A good timeframe to work with is every two years. If you have not reviewed your mortgage in the last two years, then today would be a good time to start.
Many borrowers ask me, "how do we go about getting a mortgage review?"
What to consider in a review will vary from person to person. You can start with income...
Has it changed since you last applied for a mortgage?
Has it increased or decreased?
Are you still with the same employer under the same terms?
Have you increased your unsecured debts or your personal monthly expenses?
How has your lifestyle changed?
The marketing around mortgages is predominantly focused on an interest-rate. However, sitting behind every rate is a product, and like all products you get what you pay for. It is very easy to get caught up in the lowest rate advertised. Without an understanding of the product that sits behind the rate, many people can become disappointed when they start applying to banks for the advertised rate only to realise that they do not meet the criteria.
Each person’s financial situation is individual.
I have worked in the industry for many years, and it is very rare to see clients that have the same situation to the people around them. Finances are a very personal thing. Most people will not discuss their full situation with their family and friends therefore the suggestions and criticisms, although meant well, may not be the best outcome for your situation.
A mortgage is not a ‘one size fits all’ product.
There are many types of loans available in the market today however the criteria for each will be different. Trying to find the one that you will be eligible to apply for and successfully secure can be time-consuming. This is where the services of a professional mortgage broker would help. They will work to find the best product for you as they understand the bank's products and requirements and will be able to quickly present options to you to suit your situation. This will mean a faster process, less stress and a positive outcome for most borrowers.
If you would like to have a free review of your mortgage, then contact Angela Dye on 0414 608 970 to discuss your situation or make a booking below...