Understanding the Mail from your Mortgage Lender & City Tax Department
Your Mortgage Annual Statement has just arrived...
Your mortgage annual statement should be in your mail by now, and besides using this valuable piece of information for possible tax purposes, take note of all the opportunities it may present!
What it provides in information:
Current Interest Rate
Amount of interest paid over past year
Balance now and at renewal (in some cases)
What it DOESN’T provide you-dig in further:
Optional early renewal details…can you early renew and capture rates today, instead of risking a wait over the next year or two of volatile changes.
Is your current interest rate on side with what is currently offered in the marketplace? If you leave this unattended, you may miss a window of opportunity to grab a rate today, and cost you more that you may need to pay.
Is your annual interest paid too much? Have you discussed accelerating the payment frequency or amount; even a small change can make a big difference. If you own a rental property, or work from home, make sure you are talking about this interest cost with your accountant
Your balance represents your equity. You should have your property tax assessment from the city as well by now…what is your net equity: Value – Balance = Equity. Stay on top of this and know what this equity position means to you.
I recommend, at very least, an ANNUAL review of your mortgage. Even though you signed a term for 5 years (or less), don’t sit back and wait for the future renewal and leave it unattended…really important (mid-term) options can be available and save you a ton of money!!
Call me 403-614-9253 or email me today for a 5 minute review!