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What is a Mortgage Check Up and Why is it Important?

It is important to perform an annual mortgage check up to gain an accurate understanding of how your mortgage is affecting your lifestyle and your daily, monthly or annual budget. The experts at Mortgage Masters are here to let you know that you have options, such as a refinance or restructuring of your mortgage, and always ensuring that you’re getting the best deal for your financial situation.

What is a Mortgage Check Up?

A mortgage check up is basically when you check in with your home loan and assess if it is still working for you. It is a review of your existing mortgage terms to ensure that they’re not only the best rates offered by lenders, but also to see if the terms of your mortgage still meet your needs. Think of checking in on your mortgage like a method of preventative care, just like going to the doctors to check up on your health! The earlier you catch anything that might become a problem, the better you can prepare for it down the road. Regular mortgage check-ups are extremely valuable because they let you know if you’re getting the best deal possible. 

How a Mortgage Affects Budget & Lifestyle

You may have switched to a more stable career or gotten a salary bump, you may have had a child, or your priorities and budget concerns may have changed since signing up for your mortgage. If this is the case, you might be more inclined to take on a bit of risk with a variable rate mortgage and the lower interest rates that accompany it. If you think that your income or employment prospects could take a downturn, you probably want to do the opposite and lock in your mortgage rate, just so you know exactly how much your payments are going to be and that they won’t change. Any significant life event could have an impact on your finances and, as a result, your mortgage.

Refinancing & Restructuring Your Mortgage

You might have heard that you could potentially save thousands of dollars by refinancing your home loan. All too often however, the process can seem too daunting, which means many people across New Zealand are choosing to continue with their current home loan plan. If you don’t refinance, you could be missing out on a better deal. Work with our mortgage brokers to ensure you understand the best solution for you and your lifestyle. Whether this involves sticking with your current mortgage provider, moving to a new bank or refixing your mortgage (choosing between a fixed rate, variable rate or a combination between the two), our experienced advisors will work with you to offer expert advice. 

Contact a Mortgage Broker in NZ

If you’re unsure on what the process entails in a mortgage check-up, or you’re just looking for a mortgage broker in NZ that you can trust to refinance your home, schedule a free consultation with us now.

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