Have You Had Your Annual (Mortgage) Checkup Yet?

Have You Had Your Annual Checkup Yet?

Your Mortgage Checkup That Is!

WELL, IT’S EXACTLY TIME TO DO JUST THAT. From year to year, we experience life changes such as a job loss or promotion, marriage, birth of a child, divorce, empty nesting, or retirement – just to name a few. ese life changes can mean that your mortgage may not be suited to the new situation. An experienced mortgage originator can help you navigate through the process and evaluate the best steps for you to take to achieve your goals.

It may mean shortening the term of your mortgage to pay it o early; or, it may mean using some of the equity for college tuition or a home repair/improvement project. It may even mean staying the course you are on. I recommend using your mortgage as a tool to manage one of your biggest assets—making sure you are on track to meet your nancial goals. Here are some things to consider:

When reviewing your mortgage, it is also an appropriate time to review your homeowner’s insurance coverage and premiums to be sure that the coverage meets the new value of your home – as many homes have much more value than they did a couple years ago.

LKNEXPERT

Shelly Quinn is the branch manager and construction loan specialist at Silverton Mortgage located at 9525 Birkdale Crossing Drive, Suite 203, in Huntersville. You may reach Shelly at 704.609.1339 or shelly. quinn@silvertonmortgage.com.

The new loan limit for 2023 has increased up to $726,200 from $647,200 for a single unit in the standard area and over $1 million for a high-cost area. A conforming loan amount is one that is backed by Fannie Mae and Freddie Mac, so these loans allow for smaller down payments and less restrictive guidelines than a non–conforming loan that is often referred to as a jumbo loan.

While rates are higher, some of the competition on fi nding a home has settled a bit so you may be able to negotiate on a home more easily and not be forced to pay large sums of money over the asking price just to get an offer accepted. So even though the rate is higher, the monthly payment may work out about the same as if you were having to offer $50,000 over list price. Get prequalifi ed so that you are comfortable with the numbers, and you will know what price range to search in.

Each year there are changes in the mortgage industry as well—changes such as new programs to assist borrowers, new guidelines that help borrowers qualify for more, and new loan limits for conforming loans, so do your homework and consult a professional.

Buying a home or re nancing a mortgage is a huge commitment, so be sure to work with a professional who can assist you with all the decisions and options. Increasing rates are not just on mortgages – it is on everything you use credit for, so cleaning up and consolidating debt will help you in all nancial arenas. Again, a mortgage originator will determine the most cost-e ective way to reach your goals and save you money! w