As a homeowner, you likely have a lot on your plate: property taxes, home maintenance, and of course, your mortgage payments. While it's easy to get caught up in the day-to-day responsibilities of homeownership, it's important to take a step back and review your mortgage on an annual basis. Here are a few reasons why:

Interest rates change: Interest rates fluctuate, and even a small change can make a big difference in the long run. By reviewing your mortgage annually, you can ensure that you're getting the best possible rate and potentially save thousands of dollars over the life of your mortgage.

Your financial situation may have changed: Your financial situation can change over time, whether it be due to a change in income, family size, or other factors. An annual mortgage review can help you determine if a different type of mortgage or term would better suit your current needs.
You may be able to save money: An annual mortgage review can help identify areas where you may be able to save money, such as by switching to bi-weekly payments or by increasing your payments to pay off your mortgage faster.
It's an opportunity to review your insurance coverage: A mortgage review is also a good time to review your insurance coverage, to ensure that your home and possessions are adequately protected in case of any unforeseen events.

So, what should you do? Here are a few tips to keep in mind:

Set a reminder: Set a reminder on your calendar to review your mortgage annually. This will help ensure that you don't forget and that you're staying on top of your finances.
Gather all your documents: Before you begin your mortgage review, gather all the relevant documents such as your mortgage statement, credit score, and proof of income.
Shop around: Even if you're happy with your current mortgage, it's still a good idea to shop around to compare rates and terms. The easiest way to save time while shopping around is to use the services of a Mortgage Agent (like me!)
Consult with a professional: If you're unsure of what to do, consult with a mortgage broker or financial advisor. They can help guide you through the process and ensure that you're making the best decision for your situation.

An annual mortgage review is an important step in managing your finances as a homeowner. By taking the time to review your mortgage, you can ensure that you're getting the best possible rate, saving money, and staying on top of your insurance coverage.

Happy Reviewing!