In Home Loans

You Could Save Money With A Lower Interest Rate

Computer showing a screen with information about property value

Scheduling annual health checks with your doctor is critical to your overall health. Preventive healthcare, including screenings, exams, tests and immunizations can help identify early health problems before they become serious or chronic problems that plague you for years to come.

The same is true for routine mortgage reviews.

Do you know if your current mortgage is still giving you the best deal on the market today? Are you paying more than you should be? When you first buy a home, shopping for the most competitive mortgage offer is wise, and it can really pay off to regularly review your mortgage throughout the life of your loan.

Annual mortgage reviews help you maintain healthy finances. Whether you’re looking to pay off your loan faster, are planning a home remodel, are looking for cash to fund your child’s college education or want to put away more for retirement, a mortgage review is a great way to find out if your current mortgage is meeting your needs and helping you achieve your financial goals. A mortgage review will reveal:

  • How well your current mortgage is performing relative to today’s interest rates.
  • Whether or not your mortgage could be adjusted to accommodate your existing financial circumstances, such as a change in income or living expenses.
  • How upcoming large purchases or expenses (such as a remodel) may affect your budget.

When you contact PrimeLending for a mortgage review, we will find out if you can:

  • Lock in a lower interest rate
  • Reduce your monthly payments
  • Shorten the length of your loan term
  • Eliminate private mortgage insurance (PMI)
  • Use your existing home equity for renovations or cash to use however you want
  • Qualify to purchase a second home or investment property

Mortgage reviews are also helpful in identifying any issues with your credit that may require attention and indicating your eligibility for special home borrowing offers, such as VA loans.

It’s always smart to keep an eye out for better mortgage deals, but we know the average homeowner doesn’t always have time for that. Getting an annual mortgage review is ideal, but at the very least, you should consider reviewing your mortgage when interest rates change or your current mortgage deal (if any) comes to an end.

If you do nothing and don’t regularly review your mortgage, you could miss out on better deals and savings available in the current market. A lower interest rate could provide hundreds in monthly savings, and tens of thousands over the life of your loan.

Pro tip: If you are able to refinance for lower payments, but you haven’t had any trouble making your current payment, consider continuing to pay the same amount or reduce the mortgage term so you can pay off your mortgage sooner.

Of course, a mortgage review may not result in any changes, but won’t you sleep better at night knowing your mortgage is in the best shape and you’re paying the lowest interest rate possible and are on track to pay off your loan and meet other financial goals?

Keep in mind that refinancing isn’t free, and there are costs associated with a refinance, including bank fees, appraisal fees, attorney fees and title insurance. These closing costs will need to be paid up front and typically amount to two to five percent of your loan amount. So is a refinance really worth it?  If you’ll save at least 100 basis points (or one percent) on your current interest rates, a refinance will likely be worth the cost. Use our Refinance Calculator to see how much you could save my refinancing your mortgage.

How does your mortgage stack up?  If you’ve been paying on your current mortgage for at least three years and haven’t had your mortgage checked, get in touch with a PrimeLending Loan Officer today for a fast, easy and free mortgage review. We’ll take a close look and see if we can help you drop your interest rate, reduce your monthly payment, or pay off your mortgage faster. We can also help refinance or renovate your home, or cash-out equity to use however you want. Get your mortgage where it should be. Contact us for a review today.

All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company an Equal Housing Lender. ©2018 PrimeLending, a PlainsCapital Company. (NMLS: 13649).

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