Don’t Fall Behind – Get A Mortgage Review
To fall behind, from the Cambridge Dictionary, means to fail to do something fast enough or on time. The reference has a strong relationship to the current housing market as well as mortgage rates for interested buyers and current homeowners. Each Fall season should be a reminder of the importance of an annual mortgage review and the impact it can have on your current financial situation. Changes to factors like family size or employment could mean that a different mortgage product could be in your best short or long term interest. A 20 minute discussion with your HFG Licensed Mortgage Professional may provide options that best suit your changing needs, or just peace of mind that you are still on the right financial track.
Did you know that in 2017, ninety-two percent of all homebuyers used a fixed rate mortgage for financing for their purchase? Those fixed terms are generally between fifteen and thirty years, but according to NAR, most people sell their home within 10 years. With life changes including the ones mentioned above, such as a growing family or wanting to downsize from your current home, looking at Adjustable Rate Mortgage (ARM) options could yield financial value. Most ARM loans carry a fixed introductory period often ranging between 3-10 years. This means that the rate remains constant during that period, and would only adjust if the loan remained in place after the fixed period expired. Although there is some additional risk, individual circumstances along with the potential monthly payment savings may make this a perfect choice for you. Call us today so we can make sure you don’t fall behind on your mortgage review!