When you signed your loan documents, did you sign up for the loan that was right for you? Chances are that it was the right option at that time but things may have changed. Why not look at your existing loans to see if they are still right for you or not. There may be better options available right now.
Low interest rates have been all over the place lately. Is it time for a loan health check with all of the interest rate changes? It never hurts to stop and take a detailed look at your financial situation. You might be surprised at a few tweaks that could help you in many ways.
A loan health check can look at a number of variables for you such as the types of loans you have, the payment structure, and the interest rates.
Here at Smartline Mortgage Brokers Rockingham, home loan and personal loan health checks are something we are happy to do. By looking at your current loans and looking at opportunities for lower interest rates you could do a few different things:
- Lower your interest rate on big loans such as a mortgage and save money overall.
- Take out a new loan to pay off some debts with a lower interest rate
- Debt consolidation with a lower interest rate is an option to save money and maybe even lower your monthly payments
- Keep your monthly payment amounts the same but lowering the interest rate can mean getting debt free sooner.
Now might be a good time to take out a loan for home improvements. It might also be a good time to switch from a variable mortgage to a fixed rate mortgage. By doing a loan health check, you can look at what you are paying in payments and in interest today and you can also take a look at various options that could help you save money on interest/fees, give you some relief from high payments, and/or help yourself get out of debt sooner.
We deal with a number of different lenders and it’s a common practice to do a loan health check. There are people who have had a change in their financial circumstances (positive or negative) so a consultation must be done for them to know if the kind of loan they had before is still working for them. If you are from Perth, Rockingham, Cockburn, and neighbouring area, meet with us to discuss your options. Save a lot of money in the process. Talk to us, now!