Give Your Mortgage an Annual Check-UpIf the last time you looked at your mortgage was when you closed on your loan, it may be time to take it out for a review. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities.
Are You Paying for Private Mortgage Insurance (PMI)?There are a lot of new loan programs available that can help you eliminate PMI, even if you have less than 20% equity in your home. The monthly savings adds up quickly and can be better used helping achieve other financial goals.
Are Your Taxes and Insurance Up to Date?Even though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While you’re at it, you’ll want to review your homeowner’s insurance policy. It’s a good idea to review your policy every two to three years to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation.
How’s Your Credit Report?The information in your credit report has a huge impact on whether or not you will again qualify for a mortgage loan. That’s why it’s important to periodically check your credit report.
Now it’s even easy to do so. A recent amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each credit reporting company provide you with a free copy of your credit report, at your request, once a year.
Is It Time to Refinance?
The timing might be right to refinance your mortgage. New rates may help you significantly lower your monthly payment. Or you might want to “cash out” some of the built-up equity in your home, which you can use to consolidate debt, improve your home, or take a vacation. Perhaps by refinancing you can even pay off your mortgage sooner!
We'll work with you to determine if the timing is right to change your loan program, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your future plans.