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Nine Reasons for an Annual Review of Your Mortgage
Nine Reasons for an Annual Review of your Mortgage
This time of year puts us in the frame of mind to check over our financial situation since we are gathering documentation for our tax returns. While we’re at it, we should take a good hard look at our home loan. How many years are left of the term? Could we possibly pay it off earlier or minimize the monthly payment? These are great questions to ask ourselves.   
It is a good idea to evaluate your home loan at least once a year to see if it is serving you well. A home loan is usually the largest financial commitment we make in our lifetimes so we should view it very carefully on a regular basis.
Here are some reasons you may have for changing the loan you have:
1.    If it is an FHA loan, you may be able to refinance into a conventional loan and do away with the mortgage insurance premium.
2.    Perhaps you have 25 years remaining. It might be a wise decision to reduce the term of the loan to 20 or fifteen years. Then, after it is paid off, you could put the monthly ... more

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