Written by Carissa Abazia

The only constant in life is change. Over the course of a year, you and your family can experience highs and lows, as well as big milestones. If you’re a homeowner, it may be time to go see your loan officer for a mortgage check-up.

Just like a dentist appointment, it is necessary to get a mortgage check-up. Going to see your loan officer is a great way to reassess and reevaluate your home loan situation. Through this visit, you can find out if your loan program is still the best fit for you or if an adjustment is needed. Your trusted lender can help you compare your current situation to other possibilities, which could result in saving you money.

Here are some common circumstances that would indicate a mortgage review could be worth your time:

  • A job or career change

  • A new child

  • A current or soon-to-be empty nest

  • Marriage or divorce

  • Financial gain or loss

  • Retirement

  • New or retired debt

  • Planned home improvements

  • Paying college tuition or other major purchase

  • Rising monthly mortgage payments

  • Paying monthly MI (mortgage insurance)

  • Current loan is FHA

  • Value of home increased

  • Home improvements are needed

In December of last year, I closed a loan for a close family friend and her husband whose home value had climbed. I explored the option to drop their FHA mortgage insurance premiums (MIP) altogether via a refinance into a conventional loan.  After careful consideration, we decided to move forward with the refinance, resulting in a savings of $535 a month!  Here is a note from this lovely couple:

“We just wanted to thank you and the 101 Home Loan Team for all your hard work with our refinance.  We appreciate all of your time during the holiday season! After a very difficult year, the refinance and monthly savings have already helped us tremendously.  Thanks again.”

It never hurts to think about what you’d like to accomplish with your home financing and a rough timeline detailing when you’d like to accomplish it.

In conclusion, an annual mortgage checkup may help maintain your financial health.


Thanks for reading!

Carissa Abazia