Most people do not know that their mortgage, being a huge part of your financial plan, needs to have an annual checkup to ensure it still fits. Just like you need to have an annual physical done to ensure the health of your body, you need to seek a true mortgage planning professional annually to ensure your mortgage is not becoming a disease in relation to your financial health. My MEDS system incorporates the annual checkup process as part of the the program to ensure your mortgage remains working for you, and strengthening your financial health.
Many of you reading this may not even know what type of loan you are in, so it is extremely important that you schedule yours quickly. We have all heard the talk about adjustable rate mortgages, interest only loans, and other "exotic" loan programs and how they are getting people into trouble. Well, it takes years for a loan program to get you into trouble usually, so maintaining annual check ups will help prevent that from happening to you.
Also, due to the media's bad press on these loan types, many people are flocking to fixed rate mortgages now, which may further destroy their financial health. Adjustable rate mortgages, Pay Option ARMs and interest only loans can bring tremendous benefits to your finances, but without that check up, you will never know.
The other reason for the annual checup is that financial and investment plans change, not necessarily every year, but they do change frequently. You may add to the family, become seriously ill, have a job change, or need to simply "tweak" your finances and your mortgage plan to make it more efficient. Here are some questions you need to ask yourself right now to help determine your immediate need for a mortgage check up...
- Do you know what type of loan you have?
- Do you know what your current mortgage balance is?
- Do you even know what your interest rate is right now?
- If you are in an adjustable rate mortgage, do you know what the interest rate and payments would be if it adjusted today?
- Do you know where you prior closing documents are, particularly the "NOTE"?
These are just a few of the questions that if you do not know the answer right now, you need to get your mortgage check up. Also, do your research to find the qualified mortgage professional in your area. If you have any further questions, feel free to contact me or visit my website here.
;)
;)
;)
