Everyone knows that you should go and see your doctor once a year for a check-up to make sure you are still healthy. Now, ask yourself…when was the last time you went to a specialist for a health check on your mortgage?
If you’re like most people, you’ve probably never had a mortgage check-up. At Champion, we are firm believers in having your mortgage reviewed to make sure that it is performing well for you — that’s why we offer mortgage health checks.
What is a mortgage health check?
A mortgage health check is a personalized, one-on-one review of your mortgage with a mortgage professional.
At this meeting, we will take the time to discuss and review your current mortgage, your financial plan, and your life goals.
Using this comprehensive approach, our team will be able to see the big picture of your needs, in order to assess if your existing mortgage is healthy and working for you — or if we recommend making any adjustments.
What kinds of questions do you ask in a mortgage health check?
During a mortgage health check, we will ask a variety of questions to gain a clear picture of your current situation, in order to provide a thorough review with results that address your unique goals.
Our questions may include:
- Are you looking for a new home?
- Are you wanting to refinance your existing mortgage?
- If you are buying a home, what are your down payment plans?
- If you have an existing mortgage, what lender is it with?
- What are the terms of your mortgage?
- What is the current balance of your mortgage?
- What is your renewal date?
- Do you want to take out equity?
- Are you looking to renovate your home?
- What is your employment situation?
- Have there been any changes to your income this year?
- Will there be any expected changes to your income this year?
- Do you have a personal business?
- How is your credit rating?
- Are you anticipating any changes to your family size in the next year?
- Do you plan to move in the next year?
- Have you had any significant changes with your savings or assets?
- Have you paid any debt off in the last 12 months?
- Are you comfortable with your current mortgage payments?
- Have you made any changes or lump payments to your mortgage payment in the last 12 months?
Your answers to these questions will help to frame up our understanding of your current situation and your goals. This information will help to provide you with a detailed game plan for the future.
What results will I receive from a mortgage health check?
At Champion, we have access to cutting-edge software that uses real-time data and your personal specifics to come up with recommendations that will be relevant to your situation.
This is not a one-size-fits-all result. This proprietary software is only available at a select few brokers across Canada, and we’re pleased to be able to offer it to you.
Your results will typically include:
- An analysis of whether you current lender and mortgage is positioned well, or if it could be adjusted to save you more interest and allow you to have more options/flexibility in repayment.
- A breakdown of payment frequency options.
- A review and comparison of penalties with your existing lender and the current top market lenders.
- A review and comparison of mortgage features with your existing lender and current top market lenders.
- If you are looking to sell your home or buy a home, we can provide you with a detailed report outlining the sales history, estimated value, comparable sales in the neighbourhood, and more.
At Champion, we want our mortgages to work for our clients — not the other way around. If you go many years without looking at your mortgage, and only meet with your bank when it’s time to renew, then you are missing out on money-saving opportunities. We’re here to help.