Annual loan review: Save money and stress less!

As a homeowner, your mortgage is likely one of your largest financial commitments. While it’s easy to set and forget your loan, conducting an annual review can offer significant benefits. At FinancePath, we believe that staying proactive with your mortgage can save you money and help you achieve your financial goals faster.

Here’s why an annual loan review is essential:

1. Identify better rates and products

The mortgage market is constantly evolving, with new products and competitive rates emerging regularly. An annual review allows you to compare your current loan with new offerings, potentially finding a better deal that could save you thousands over the life of your loan.

2. Adjust to life changes

Life is full of changes—whether it’s a new job, a growing family, or unexpected expenses. An annual review ensures your mortgage aligns with your current financial situation and goals. You might find that switching to a different loan type or adjusting your repayment plan better suits your needs.

3. Improve your financial health

Reviewing your loan annually can help you identify opportunities to pay off your mortgage faster. By making extra repayments or refinancing to a lower interest rate, you can reduce your loan term and save on interest costs, improving your overall financial health.

4. Stay ahead of rate increases

Interest rates can fluctuate, and staying informed about potential rate changes is crucial. An annual review helps you stay ahead of any increases, allowing you to lock in a fixed rate or explore other options to manage your repayments effectively.

5. Access equity for other goals

If your property has increased in value, you may have built up equity that you can use for other financial goals, such as home renovations, investing, or consolidating debt. An annual review helps you understand your equity position and how you can leverage it to your advantage.

At FinancePath, we’re committed to keeping you informed and educated about what is happening in the market, so you can make better decisions about your money. Contact us today to schedule your annual loan review and ensure your mortgage is working as hard as you are.