Mortgages should be reviewed at least once a year to see if there are any market changes you can take advantage of or life stage/style changes we can plan for to ensure your mortgage is structured in the best way possible. This will ensure you have the right payment structure for success. This can mean increasing or decreasing payments (when the time is right to do so to protect your wealth) and reviewing your outside mortgage obligations with outside debt management.
Statistics have demonstrated most of us will have a life change, either by choice or not, prior to the maturity of the term. Because of this, it’s important to ensure you understand the difference in penalties associated with each lender. Ensuring the lowest exit cost from a mortgage is a large wealth-building tool when you need it most during an unexpected life change. Don’t make the mistake of thinking that the lowest rate contributes to that.