The Importance Of Reviewing Your Mortgage

A Mortgage will probably be the biggest financial commitment you’ll make in your life. Making sure it’s on track and understanding how it works, what you’re paying, and if there are ways to pay it off faster, is very important.

Your financial situation changes over time, as do rates and housing markets. Having reviews with your advisor can help you through upcoming fixed-rate renewals and working out repayments. Reviews can help you decide if now is the time to split some of your mortgage off onto a different term or change some or all of your mortgage to a floating loan or revolving credit facility.

Reviewing your mortgage is also an ideal time to check over your insurance. Ensuring you have the correct life insurance, income protection, or mortgage repayment covers in place is key, and reviewing these alongside your mortgage goes hand in hand. We also encourage you to check your house and contents covers too.

Reviews are also a great time to make sure your goals are in line with your financial situation. As you gain equity in your property (the amount you own as you pay the loan off), your ability to purchase further properties or borrow against the property for other purchases will increase.

Having a chat about this can help make these dreams a reality or allow plans to be made and put in place for how it can happen in the future.