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Review Your Mortgage to Achieve Financial Goals

As we near the end of 2017, I would love to help you reach your financial goals in the coming year. By scheduling a mortgage checkup with me, we can discuss your current situation as well as your goals for the future. There are many questions we will go over to understand if it is a good time to purchase a new home or refinance your current mortgage.

We will begin by thinking about your future. Ask yourself, what are your real estate goals for the next 5-10 years? Maybe you want to purchase your first home, or maybe you want to purchase a vacation home. Analyze if you anticipate any changes in your employment or income over the next 5-10 years, as this could affect what you are able to afford. You will also want to consider if you are anticipating any life-changing events over the next five years. These events may include:

  • Children going away to college

  • Marriage or divorce

  • Promotion or retirement

  • Aging parents

  • Surgery or prolonged illness

  • Home improvements or needing a smaller/larger home

  • Newborn baby or adoption

  • Starting or closing a business

  • Purchasing an investment property, second home, or new car

Next, we will discuss the current state of your home and mortgage and how that will affect your future plans. We will look at the approximate value of your home and how long you plan to live in that home. If you have a second mortgage, we will take that amount into consideration as well. Once we have determined these, we can discuss your personal goals as well as your goals for your mortgage.

Personal goals may include:

  • Building your net worth/achieving financial freedom

  • Having your mortgage paid off when you retire

  • Achieving liquidity

  • Moving into a larger home

  • Maximizing current and future tax deductions

  • Saving money to send your children to college

Mortgage goals may include:

  • Lowering your monthly payment

  • Eliminating other debt (credit cards, student loans, etc.)

  • Using equity to develop a cash reserve or for investment purposes

  • Maximizing tax benefits

  • Paying off your loan as soon as possible

Let me help you achieve your financial goals for 2018. Call me today to schedule a time to evaluate your current situation and discuss your future plans.

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