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Do I need an annual mortgage checkup?

A lot can happen in a year, especially during the "mortgage years", when we tend to be juggling many commitments in our busy lives. That's the reason why you should consider touching base with your mortgage each year.
Here are some of the common reasons why a mortgage may need some adjustment:
·       You're carrying some credit card or other high-interest debt that is eating away at your monthly cashflow and you are interested in consolidating this debt into your mortgage so you can pay less each month;
·       You're wondering if you can tap into some of your equity for a special renovation project to upgrade your home;
·       You're wondering if you can afford a vacation property, or are perhaps considering an investment property;
·       You're a bit concerned about a large expense looming in your future: for example, university tuition, a wedding, a leave from work, a new career or business, a big vacation or a new vehicle;
·       You're concerned with rising rates, whether to lock in or even break your mortgage to take advantage of today's amazing rates.

If any of these apply to you, then it would probably benefit you to take advantage of a mortgage checkup. There's typically no cost and no obligation. So what are you waiting for?  I'm doing one in December when my mortgage term will be compared against the next year's rate.