The Annual Mortgage Review
If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities. Once you close your mortgage loan with Excel Mortgage Network, on the anniversay of your loan closing, our Mortgage Panners will conduct and individualized Annual Mortgage Review.
Our Annual Mortgage Review ensures you do not miss out on any opportunities to save money. It determines if your mortgage is still is the right one for you, enables you to keep abreast of new available loan programs to help you meet your investment, payment and retirement goals and is a great way to ensure you stay on track with your objectives and goals. If you are currenlty paying PMI, (Private Mortgage Insurance) our Annual Mortgage Review will also determine if you are eligible to eliminate your PMI. Best of all it's FREE!
Is a fixed rate mortgage the best choice for you?
Many of us opt for the certainty of a 15, 20 or 30 year fixed rate mortgage when we get our first mortgage. In actuality, most mortgages are refinanced an average of every 5 years. If you anticipate renovating your home, buying a new car, buying a second home selling your home or putting additional money away for retirement in the near future, one of our new hybrid loans may be a better financial fit for you. Hybrid loans typically have a lower fixed rate than a traditional 15, 20 or 30 year mortgage.The savings you receive can well be worth switching to a hybrid loan.
Are you paying for Private Mortgage Insurance (PMI)?
There are a lot of borrowers who took out mortgage loans with PMI who are eligible to eliminate the monthly cost. The monthly savings adds up quickly. This money can be put to better use to help you achieve other short-term and long-term financial goals. Our Annual Mortgage Review determines if you can eliminate your PMI
Are your taxes and insurance up to date?
Even though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While you’re at it, you’ll want to review your homeowner’s insurance policy. It’s a good idea to review your policy every year to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation. Our Annual Mortgage Review incorporates your insurance agent review of your policy coverage.
Do you have a Home Equity Line of Credit (HELOC) for emergencies?
Many homeowners are making the proactive choice to secure a Home Equity Line of Credit (HELOC) for emergencies. A HELOC is a revolving line of credit that only charges interest when you actually draw money from the line of credit. As you repay the balance of the draw, the credit becomes available again. Securing a HELOC in advance can be a great help if you’re ever laid off or have an unexpected medical or other emergency. Ask us about our free HELOC. You might be eligible.
How’s your credit report?
The information in your credit report has a huge impact on whether or not you will again qualify for a mortgage loan. That’s why it’s important to periodically check your credit report. During your Annual Mortgage Review, you will receive a free copy of your credit report along with an explanation of what is in your credit report that affect your credit score.
In addition, a recent amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each credit reporting company provide you with a free copy of your credit report, at your request, once a year. To request your free credit report, visit http://www.annualcreditreport.com. (Free reports are being phased in over a nine-month period, rolling from the west coast to the east beginning December 1, 2004. By September 1, 2005, free reports will be accessible to all consumers.) So you have the ability to receive two copies of your credit reports annually free of charge!
Are you making the most of your home’s equity?
With rising home prices, you may have more equity in your home than you realize. Taking out a home equity loan to payoff credit card debt, car loans and other higher interest debts makes good financial sense.
Is it time to refinance?
The timing might be right to refinance your mortgage loan. New rates may help you significantly lower your monthly payment. Or you might want to “cash out” some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation - whatever! Perhaps by refinancing you can even pay off your mortgage sooner!
We'll work with you to determine if the timing is right to change your loan program, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your future plans.