Like your health, checking your mortgage periodically is worth considering to determine if it’s still in good shape. There could be a lot of changes that have happened in your life since you took out a mortgage to fulfill your homeownership dreams. After several years of dutifully repaying your monthly mortgage, you may want to find out if you can reap the rewards of being a homeowner.
You should know that your home is more than just a shelter that protects your family. It’s also an investment that you can take advantage of to improve your family’s finances. There are a few compelling reasons why you should consider a mortgage checkup:
1. You need to prepare for significant changes in your life
Having a baby, sending a child to college, and planning to put up a business are just some of the exciting changes that may happen in your life. These significant changes could also mean additional expenses. In the form of equity, your home may provide you the funds you will need for such expenses. It’s possible to turn your home equity into cash and use it wherever you want to. Running a mortgage check may help you determine if you can tap your home equity to cover any upcoming major expenses.
2. You want to improve your savings
A mortgage checkup is also worth considering to find out if you can reduce your monthly payments. You can use these extra savings for emergency funds, to tackle your debts, or to improve the comfort of your family. A mortgage check lets you know if you can eliminate your mortgage insurance, secure a much competitive rate, or consolidate your debts. For example, when refinancing, it’s important that you know your financial goals to better understand your options. Although mortgage interest rates have become more competitive since the time you bought your home, a mortgage check is beneficial to help you achieve your financial goals.
3. You plan to upgrade your home
You may consider moving into a bigger home if your family is growing or you want to give them the comfort they deserve. However, you may wonder if you have the funds you will need to cover a new purchase. Another challenge you may face is selling your existing home first before you can buy a new one. A mortgage check lets you find out if you can avail of specialized loan products like a bridge loan that can help you buy another home and move in immediately while waiting to sell your current home.
Get in touch with an RPM Mortgage loan advisor today for a mortgage checkup
An experienced RPM Mortgage loan advisor can help evaluate your mortgage whether you’re preparing for a significant life change, you want to improve your savings, or if you want to find out if you can buy a new home. Your home is more than just a shelter for your family. You can also use it to improve your finances by taking advantage of your home equity. Call, text, or send us an email today for your mortgage checkup.