Did You Know, Reviewing Your Lending Could Save You Thousands?
When you purchased your home, you applied for a loan amount you could afford, probably thinking you’d be paying the same monthly amount for the entirety of the mortgage.
For many people your home is your special personal space, and more often than not, you think of it as a it as a personal belonging, but did you know it can work effectively as a serious an investment in your future? As with any investment, you should periodically review the terms of your lending arrangements to make sure they still fit your evolving and busy life.
WHAT Should I Review?
Start with reviewing your mortgage, your home’s value, current interest rates and other lending options available in the market. These factors will help determine whether you are in a position to refinance to your advantage. Talking to a lending specialist can help you get a clear picture on where you stand, and here at Scott Partners’ we are always happy to talk about what might work for you.
Besides your mortgage, you can review other loans. Think: personal loans, student loans, car loans, and any other type of debt you owe. By rolling these all into one, you may be able to consolidate your debt and reduce your overheads.
WHEN Should I Review?
Life has a way of happening when you’re not looking. Life changes like new babies, children finishing school and redundancy may make you want to pause and take stock. These changes my require a different sized home, or a different payment structure.
Even if nothing major has changed in your life, we recommend reviewing your financial investments and debt once a year. There may be better options on the market that can help you improve your financial situation. The beginning of the new financial year is often a good time to evaluate your financial situation.
What Could a Scott Partners’ Lending Review Do for Me?
Think of it like this:
If your home loan is standing at $300,000 with a 4.42% interest rate, your monthly payment is around $1,506. The total cost of the mortgage, over 30 years, is $542,098.
A current average interest rate, as of August, 2018, is 3.64%, making the monthly payment $1,371.
If you have 25 years left on a 30-year mortgage, refinancing can save you more than $40,000 over the remaining life of the loan. You may even be able to increase payments on the loan and pay it more quickly.
How Do I Start?
Now that you know what reviewing your lending can do for you, getting started is as easy as a phone call.
Contact Scott Partners to evaluate your mortgage and other loans, as well as any other aspects of your financial situation, and see how we can help you save money.