What is a Home Loan Health Check?
A home loan health check is similar to a doctor’s checkup, but for your home loan. The check looks at many things, such as your repayment type, interest rate, and current property goals. It assesses if your existing loan is still the right fit.
Essentially, a mortgage health check helps you determine if your home loan is still suitable for you. It also empowers you to decide whether you would benefit from a different loan.
Why Do You Need a Home Loan Health Check?
You need a home health check because it can benefit your financial position. If you are in the routine of making mortgage repayments for an extended period, a home loan health can help you determine if your current home loan is still right for you.
Home loan check score can help you review your current home loan rate, refinance to consolidate debt, switch between fixed and variable rates, alter the loan term, and access better loan features.
A home loan health is a good option if you:
- Plan to make home renovations
- Want to pay off your home sooner
- Are about to end a fixed rate term
- Are looking to reduce your payments
- Want to purchase an investment property
The benefits of a Home Loan Check Score
Home loan checks offer many benefits. You can save a lot of money by performing a home loan health score annually, or every couple of years. You could save thousands of dollars on your mortgage’s total cost, which is the central benefit.
You can get ahead on your other bills by saving that much money on your mortgage. Some other benefits include easier online management, redirecting to a loan to a provider with exceptional customer service, or finding a loan that better suits your financial needs.