Financial Fitness – Is It Time For A Mortgage Checkup?

You schedule an annual doctor’s appointment every year, right? Even when we believe we are in perfect health, we still visit our physician, have them check our vitals and make sure we are healthy for the year to come.

Isn’t it time to check in on your financial health as well? Scheduling an annual review with your local mortgage advisor will ensure the anatomy of your finances is in check and on track to meet the needs of your short-term and long-term goals.

Mortgage Payment and Interest Rate – A mortgage advisor may be able to provide you with some monthly savings and/or a lower interest rate. Even in a rising rate environment, there may be opportunities for lower payments. With several options such as adjustable interest rates, interest only, and many local area or income incentives, you won’t know what you could be saving without checking with your local loan officer.

Credit Score – For many people, checking a credit score is like checking blood pressure. Maybe it’s up one day, down the next, and you’re not sure why it’s fluctuating or even what is a “healthy” or “good” number. As a mortgage advisor, I go through my clients’ credit reports with them and ensure they understand all the factors that are impacting their score. Maybe you’re using more than 30% of your credit limit and we can bring your score up a few points by paying the balances down on some credit cards. Or perhaps there is a derogatory item or a dispute that you had no idea was there that we can help you remove! Checking your credit score doesn’t have to be scary or overwhelming, and a mortgage advisor will stick with you and get your score where you need it to be.

Plans and Goals – Lastly, a good mortgage expert will review your plans and goals. Are you planning on staying in your home for the next five years or 10 years? Or maybe this is your forever home, and you would like some cash for updates and renovations.

An advisor can run various scenarios to see if a cash-out refinance or a home equity line of credit could be right for you. Or perhaps retirement is on the horizon, or your household income is expected to change. An advisor can help you plan and strategize a house payment that fits not only your current needs, but plan for what lies ahead as well.

The Bottom Line – Our lives change in ways we don’t anticipate or plan for, which is why it is so important to work with a trusted mortgage advisor who can adapt your mortgage program to be well-suited for you and your family. From the initial purchase of your property, throughout your entire journey of homeownership, your mortgage advisor is here to offer guidance, support, and creative and unique solutions that fit your unique life! This year when you schedule your annual physical, reach out to your loan officer for a mortgage consultation as well.

For a one-on-one mortgage consultation, contact Jackie Northrop at jnorthrop@firsthome.com or 443-261-2124.