The home loans market is a competitive one, with a plethora of lenders offering various incentives and low rates to encourage you to borrow from them to purchase a new home or investment property. And while property purchasers will likely dedicate a good deal of energy to ensure they have secured the best mortgage, it can then be easy to put a home loan to one side once finalised, without checking regularly to see if there are improved, more cost effective options available.
A lot can happen over the life of a mortgage and an individual's circumstances now may be very different to when he or she first purchased a property. For example, income may have changed, or you may have held the same job for a longer period. These factors and others can have a material effect on the mortgage package and interest rate you are eligible for.
And with movements in interest rates and banks varying their lending criteria and introducing new products, it's certainly a wise move to regularly approach a mortgage professional for a home loan health check.
According to Harry Bozin, the Head of Century 21 Home Loans, a finance health check is important for both home buyers and investors. In the case of investors, "a finance check-up is vital as the loan package is a major contributing factor to a successful real estate investment."
The home loan review process can achieve a number of things. Firstly, it could result in lower repayments. Secondly, it could lead to the identification of a more suitable package for your current situation, or end up saving you thousands of dollars in interest because a review of your circumstances results in a loan with a lower interest rate being selected.
Harry Bozin also notes that for investors, working with a mortgage professional to consider the health of your mortgage could "present an opportunity for you to unlock the equity you've accumulated and acquire another investment, or make upgrades to your property."
Whichever way you look at it, it's definitely a good idea to review your finances regularly, particularly in changing times. An accredited mortgage consultant can help you to identify the best loan product for your circumstances, which may be the product you currently have or a new one, taking into account not only the interest rate but also a variety of other critical factors.
If a finance health check interests you, the accredited mortgage consultants at Century 21 Home Loans provide a free, no-obligation home loan health check service. To take advantage of this service and make sure you have the best loan package for your situation, please visit www.century21homeloans.com.auto contact the company.