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What is an Annual Mortgage Review?

by | Dec 21, 2017

There is a lot that can change in the real estate market and the economy from year to year. As a homeowner with a mortgage, it is important to make sure that you are getting the most savings possible. A mortgage review can help you out with this. What does a mortgage review look like? How often should it be reviewed? These are all valid questions!
First, your mortgage can be reviewed on a yearly basis. Through this review it is possible that there is a chance to cut down on the monthly payments. For our existing clients, GLM offers an annual mortgage review to see if they are eligible to increase their savings. The market can change in an instant as can the economy. Your mortgage should be able to follow suit and be flexible too!
So, just how do we go about reviewing your mortgage? Here is how the process starts:

  1. We start by collecting all of the necessary information on your mortgage and your portfolio. This will include:
    • Your starting mortgage balance
    • Your current mortgage balance
    • Your current lender or lenders
    • Your current mortgage interest rate
    • The end date of your current mortgage
    • The amount of interest you have paid on mortgage
    • Frequency of your payments
    • Your current monthly payment
    • Other existing debt.
  2. We will analyze the information from your portfolio and current mortgage to find any areas that you could potentially be saving money in. For instance, we may find that you are able to increase the amount of your monthly payments, can qualify at a better interest rate, or we can suggest ways to cut down on your existing debt.
  3. We will present this information to you in a way that relates to your current situation. The report will feature items including your mortgage, current payments, total debt, how long it will take to pay off the current mortgage as well as what your potential mortgage payment could be.
  4. The final inclusion in the report will be details on your current total debt balance. This will include a section detailing suggestions we have that could help to increase your savings potential.

After reviewing your information, we often find that there are areas that our clients could optimize their savings potential. Just as you would not ignore your investment portfolio for a whole year, you should not leave your mortgage unattended. Your home is one of the biggest investments you own-making sure it is ion the right track is important!
There are many benefits that are possible from undergoing an annual mortgage review from a mortgage review company besides the one where your mortgage currently is. We have been able to help clients:

  • Keep better track of where their money is going,
  • Save substantial amounts moving forward
  • Find innovative, new ways to decrease your debt load and increase your savings.

Your home is one of the most valuable investments. We want to work with you to ensure that you are getting the highest return on your investment. Contact us today and find out how we can maximize your potential savings-one call is all it takes!

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