Is It Time for a Mortgage Health Check? What You Need to Know Before Switching

Have you stopped to think if your current mortgage is still the best deal for you? With interest rates, fees and your personal finances always changing, a mortgage health check might be exactly what you need. But before you rush to switch, there are some important things to consider.

First, be clear about your goals. Do you want to reduce your monthly repayments, pay off your loan faster, or maybe get more flexibility to access your equity for renovations or investments? Knowing what you want helps you find a loan that works with your plans, not against them.

Switching your mortgage isn’t always free. There are often costs involved like exit fees, application charges, valuation fees and sometimes break costs if you have a fixed rate. It’s important to work out if these costs are worth it compared to the savings you expect from switching. Sometimes the upfront costs might outweigh the benefits for a while.

Don’t just look at your current lender. Shopping around with other banks, credit unions or non-bank lenders can reveal better interest rates, useful features or better service. Make sure you compare all the options that fit your needs before making a decision.

Ultimately, switching your mortgage should help you save money or reach your goals sooner. Ask yourself how much this switch will save you each month or over the life of your loan. Even small savings add up over time and can make a big difference to your finances.

A mortgage health check is a smart way to make sure your loan is still right for you. But switching without all the facts can cost you more in the long run. If you want help reviewing your mortgage and understanding your options, we offer free 15-minute chats with no obligation.  To book in your free, no-obligation digital consultation, click the link below:

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