4 Reasons to Review Your Loans

From time to time it is a good idea to review your loans.

Here are 4 reasons that tell you it might be time for you to ask your mortgage broker to look at your loans and make sure they are still right for your needs.

1. Lower cost of funds – The banks are very competitive at the moment. By changing banks you may be able to lower the interest rate that you are paying. Banks are undercutting each other all the time in order to win a larger share of the market.
2. Dissatisfied with your current bank? – Many of my clients are unhappy with being simply a “number” to the big banks. Mortgage brokers of today are like bank managers of yesteryear. Each client is a person and each mortgage broker is accessible to the individual. Your broker knows you and your circumstances and therefore can answer all the questions which are specifically about you and your accounts.
3. Do you need some extra cash? – You may need to access some money for personal reasons such as consolidating credit card debts or to set up a new business. Your current bank may say “no” as your new requirements do not fit in with their policy. A new bank may have completely different rules and your needs may be able to be accommodated by changing banks.
4. Life events - such as getting married, having a child or changing jobs can change your circumstances completely. A loan you put in place a while ago may not suit you now.