Before making any decisions about your mortgage, it’s essential to review your financial situation carefully. Look at your income, expenses, and other debts you may have. Determine if you can afford to make higher mortgage payments or if you need to reduce your expenses. If you have a budget in place, now is the time to review it and make any necessary adjustments. Many lenders have the ability to download your statements into an Excel spreadsheet so as to identify your spending patterns.
02 CONSOLIDATE HIGHINTEREST DEBT
High-interest credit facilities such as personal loans, credit cards, store credit,
or car loans are often a drain on your finances. Debt consolidation at a low interest
rate can allow you to pay off this debt sooner. If you can continue to
make the same repayments (or even more) as you were making on each of
the high-interest facilities, but having the debt at a lower interest rate, you
will more quickly reduce your debt.
03 PRICING REQUEST
Request an interest rate reduction from your existing lender. We facilitate loan interest rate reviews when a client is coming off a fixed rate by sending through a pricing request to your lender and comparing it with other lenders' competitive offers to see how low we can get your interest rate.