Review Your Mortgage to Achieve Financial Goals

December 13, 2021 12:00 am

reviewing mortgageI would love to help you reach your financial goals this year. By scheduling a mortgage checkup with me, we can discuss your current situation as well as your goals for the future. There are many areas we will go over to understand if it is a good time for you to purchase a new home or refinance your current mortgage.

We will begin by thinking about your future. Ask yourself: “What are my real estate goals for the next 5-10 years?” Maybe you want to purchase your first home, or maybe you want to purchase a vacation home. Analyze whether you anticipate changes in your employment or income over the next 5-10 years, as this could affect what you can afford. You will also want to consider any potential life-changing events over this period. These events may include:

  • children going away to college
  • marriage or divorce
  • promotion or retirement
  • aging parents
  • surgery or prolonged illness
  • home improvements or needing a smaller/larger home
  • newborn baby or adoption
  • starting or closing a business
  • purchasing an investment property, second home or new car

Next, we will discuss the current state of your home and mortgage as well as how it could affect your future. We will look at the approximate value of your home and how long you plan to live in it. If you have a second mortgage, we will take that amount into consideration as well. The next step will be to discuss both your personal goals and your goals for your mortgage.

Personal goals may include:

  • building your net worth/achieving financial freedom
  • having your mortgage paid off when you retire
  • achieving liquidity
  • moving into a larger home
  • maximizing current and future tax deductions
  • saving money to send your children to college

Mortgage goals may include:

  • lowering your monthly payment
  • eliminating other debt (credit cards, student loans, etc.)
  • using equity to develop a cash reserve or for investment purposes
  • maximizing tax benefits
  • paying off your loan as soon as possible

Let me help you achieve your financial goals for 2022. Call me today to schedule a time to evaluate your current situation and discuss your future plans.