Are you in the wrong mortgage?

Do you wonder if you are in the right mortgage program for this stage of your life? It’s a smart financial question to ask, especially with rates rising and home appreciation rates increasing every year. As you know, I love to look out for my clients’ best interests and a chance I had recently to help a client free up cash to pay for some life-saving medical treatments got me to thinking about you and whether you are in the right mortgage program for this stage in your and your family’s life. So, how do you know?

I recommend that we do an annual check-up for your finances and mortgage. And I promise it won’t be as uncomfortable as your annual medical check-up! 😉 We will look at your family’s financial situation, what major expenses might be on the horizon, how much equity you have in your home and the mortgage program you currently have. Then we ask, is all of this the best it can be? Is there any way your home financing can work better for you? So, if any of the following scenarios apply to you, it’s a good bet your home, your equity, and your mortgage program can work better for you and your family.

Scenario #1 – Major expenses on the horizon

Planning a wedding? Or have a student starting college?  Or have major medical costs? Whenever you have major expenses coming, it’s a good idea to consider financing them with the equity in your home. Typically, mortgage rates are lower than student loan and personal loan rates. You can also use the equity in your home to consolidate and bring down the rate on other personal debt you may have.

Scenario #2 – You have an equity line or second mortgage

Do you know if or when the terms on your home equity line of credit (HELOC) change? In many cases, after 10 years the payment on your HELOC is no longer interest only, which means your payment could go surprisingly higher. Part of our check up will be to look into the terms of your HELOC and/or second mortgage and see if it makes sense to consolidate them into your first mortgage.

Scenario #3 – You plan to retire in the next 1 to 3 years

Let’s work together to help your entry into retirement be worry-free. Sound good? We can take a look at all of your debts, including your mortgage, get it all organized and perhaps even consolidated into your mortgage so you’re paying less in interest and have fewer bills to manage. Or if you need a steady income stream for retirement, we can explore whether a reverse mortgage might be a good option.

Scenario #4 – You’re planning to renovate rather than move

With such a tight housing market, many families are considering staying in their current home and upgrading it rather than moving. This may be a great option! And if so, there are lots of great home renovation financing options available, so we can discuss that as well.

As always, I’m here to help. If any of these scenarios apply to you, let me know. You can call me directly at 818.307.6072 or send me a message HERE. I love working with my clients to help make owning and financing a home a joyful experience.