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Have You Done Your Spring Mortgage Check Up Yet?

Hot weather is here, but a lot of us have put off some basic Spring maintenance. It looks like some people won’t even be taking their winter tires off this year! 

Spring is the perfect time for your annual mortgage health check-up. You do this, don’t you? Review your debt position each year? What amounts do you owe? Are you paying at the right intervals, given your current income flow? How does your interest rate compare to what is available on the market? 

And most importantly, what is your plan for renewing your mortgage? This might be the time if your current interest rate is far above what might be available to you. Mortgage interest rates are at historic lows right now.  If your mortgage is due in six months or less, it is time to start working on your new mortgage plan.

If your financial well is running dry this Spring due to the Covid-19 economic shutdown, don’t just hope for the best. Be proactive. Call me for a confidential conversation about your circumstances and we can look together at your options. You might have friends, family, or neighbours who are spending down to their last penny in an effort to keep up but without sufficient income coming in. Please have them call me asap. And no, I won’t tell you what we talk about!

Your 2020 home loan review should examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your options annually could result in having more money left over at the end of each month.

With interest rates at historic lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year! Imagine what you could do with the savings – anything from renovating or investing to going on a much-needed vacation or putting money towards your children's education. And of course, we all now know the need for an emergency fund.


Doing a quick review each Spring, may yield you some fruitful financial savings. Right now, you can lock into a five-year mortgage at just a smidgen over 2%. You could have done the same in 2001 but it would have been about 7%. In 1982 it would have been 18%. Even in the low-rate days of 1952, it would have been about 5.5%.

Borrowing costs are lower than any time in modern history. If your current rate is above 3%, now may be a good time for a free Spring mortgage check-up.

Completing a straightforward annual review will keep your home financing as lean and trim as possible.

If you'd like a free mortgage check-up, call or email me today!