An annual mortgage review is a yearly assessment of your home loan’s terms, interest rate, and alignment with your financial goals. This proactive step helps ensure your mortgage works for you rather than against you, especially as market conditions and personal circumstances change.
During this review, you or your mortgage advisor will evaluate factors such as:
Life changes, and so does the economy. What worked for you last year might not be the best fit now. Here’s why an annual mortgage review matters:
Save Money on Interest
With fluctuating interest rates, you could potentially refinance for a lower rate and save thousands over the life of your loan.
Optimize Your Monthly Budget
By adjusting the terms of your loan, such as extending or shortening the repayment period, you can better align your mortgage with your current financial needs.
Achieve Financial Goals
Whether you want to consolidate debt, renovate your home, or save for retirement, revisiting your mortgage options annually can help you stay on track.
Adapt to Life Changes
Significant life events like a job change, family expansion, or unexpected expenses may call for a mortgage adjustment.
The short answer is yes! Even if you think your mortgage is perfect, a review can uncover opportunities to save money, pay off debt faster, or adjust for life changes. Mortgage reviews are particularly beneficial if:
An annual mortgage review is an empowering step toward smarter financial decisions and peace of mind.
Q: How often should I review my mortgage?
A: It's recommended to review your mortgage annually or whenever significant financial changes occur.
Q: What documents do I need for a mortgage review?
A: You’ll typically need your current mortgage statement, proof of income, and details about other financial commitments.
Q: Can I do a mortgage review myself?
A: While you can review basic details like your interest rate and loan balance, working with a mortgage advisor ensures a thorough assessment.
Laura H. & Christopher M.
We were initially denied by a lender and when our possibilities were limited, Mr. Krauss helped us achieve our dream of getting a model home. My husband is a Veteran and he informed us of discounts and grants that we were not aware of.
Nicholas M.
I was well informed every step of the way never left me guessing all ways their when I had a question all ways very professional and respectful I had a pleasant experience.
Bonnie M.
Consistent communication and being able to trust the process. Richard closed my purchase after it was denied by another lender due to my low credit.
Natalie D.H.
Richard's quick response to any issue or questions I may have had. And his expertise in getting it all handled quickly. I am Self Employed, he was able to close the loan before the due date.
Lorine C.J.
Richard has successfully completed several refi’s for us which is why we brought our latest refi need to him. Our communication was excellent and our current refi went smoothly.
Nadine W.
Richard was able to close my VA Purchase ahead of time with a low credit score of 520. His expertise overcame every hurdle within the process.
Bryan P.
Richard took the time to help a homeless disabled Veteran into a new home. No one would help except for him. He explained how to qualify and executed my purchase ahead of schedule with the builder!
Roberto R.
I was in an active Chapter 13 Bankruptcy, Richard was able to contact the court for approval and assist with my new purchase. He then provided me with the SAH Grant information for disabled Veterans and helped with my disabilities in the new home.
Greg S.
Richard is my old high school friend. We both served in the military, and he was able to explain how I can purchase with a lower credit score. My family has a beautiful home and we are able to start our next chapter!
David S.
Richard executed a Cash Out refi to purchase an investment property. The loan was approved withing 5 Days. Extremely quick turn around and awesome communication. He always answered my questions.
