This article is part of our exclusive 2025 Guide to Whole-Life Wellness, packed with tips, inspiration, and resources to help you thrive this year. Want the full guide? Download it for FREE today and take the first step toward your healthiest, happiest year yet! Click here to get your guide now!
Starting the year with a clear understanding of your mortgage and financial obligations sets the foundation for the year ahead. Adjustments to mortgages could lead to lower interest rates or better terms, saving you money. The interest rate and loan terms you secured years ago might no longer be the best deal available.
A review of your mortgage allows you to take advantage of market fluctuations or personal financial changes, which can lead to substantial savings over time. Refinancing, for instance, could reduce your monthly payment or shorten your loan term, leading to less paid in interest overall.
Moreover, taking control of your mortgage review can help align it with your evolving financial goals—whether you’re aiming to pay off your house early, lower your monthly expenses, or free up money to invest elsewhere. Understanding the best strategy to reduce your mortgage burden can also improve your financial freedom and contribute to your overall financial wellness.
In today’s market, refinancing could open doors to lower interest rates, while evaluating your current terms allows you to plan strategically for the future.
Key Actions to Take
Assess Your Current Mortgage: Review your mortgage terms, including interest rate, loan type (fixed or variable), and repayment period. Ensure your current mortgage is still competitive with market rates. If the rate has changed since your original mortgage, refinancing could result in savings.
Refinance for Better Terms: If market rates have dropped, refinancing may be an option. Compare offers from various lenders to see if refinancing could reduce your monthly payments or shorten your loan term without significant fees.
Consider Your Financial Goals: Do you want to pay off your home early? Is your goal to reduce monthly payments for better cash flow? Factor these into your decision and consider different repayment strategies, such as switching from a 30-year term to a 15-year term for faster payoff.
Shop for the Best Rates: Don’t settle with your current lender. Compare multiple lenders and interest rates, including both major banks and smaller credit unions. Consider using a mortgage broker to simplify the process of finding the best deals.
Track Your Financial Goals: Track how refinancing or adjustments to your mortgage affect your long-term financial goals. Whether it’s saving on mortgage payments or reallocating the funds, keep track of your savings and progress.
Insider Tips
Set a recurring reminder every 3–6 months to review your mortgage, even if you’re
not actively looking to refinance. This gives you a head start if rates drop, and it helps
ensure your mortgage terms remain in line with your goals.
Track your savings as you refinance or adjust your mortgage, make a note of how
much you save monthly and annually. You can redirect those savings into other areas
like an emergency fund or retirement savings, ensuring that you’re building wealth
with each move you make.
Leverage BOOM’s partnership with Jennifer McLean Mortgages to get exclusive
access to refinancing consultations or mortgage advice at discounted rates. Ask about
home equity lines of credit (HELOCs) and other options that could provide financial
flexibility in the future.
Consider consolidating debt into your mortgage if you have high-interest loans.
This strategy can lower your overall debt repayment cost and help streamline your
financial management but be sure to assess the risks of longer-term debt.
Don’t forget to take advantage of your BOOM Membership and check out Jennifer McLean Mortgages for exclusive offers and expert advice! Log in to BOOM to learn more about how you can save and get tailored financial solutions designed just for you.
Bình luận