Now that spring has sprung, it’s the perfect time for your annual mortgage check-up. If you make time for a quick review each spring, it may yield you some fruitful financial savings.
A mortgage review will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your options annually could result in having more money left over at the end of each month.
With interest rates at historic lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year! Imagine what you could do with the savings – anything from renovating or investing…. to going on a much-needed vacation or putting money towards your children’s education.
No one knows when rates are going up, so it might be a great time to review the option of an early renewal. This will guarantee that you take advantage of the current historically low rates for another 5 years. When your mortgage comes up for renewal in a few years, you will be renewing into a new term, at the market rates being offered at that time. So why not renew today?
Right now, you can lock into a five-year mortgage around 3%. You could have done the same in 2001 but it would have been about 7%. In 1982 it would have been 18%. Even in the low-rate days of 1952, it would have been about 5.5%.
Mortgage rates are extremely low right now. If your current rate is above 4%, now may be a good time for a free spring mortgage check-up. If you’d like a free review of your mortgage, contact us today!