For many homeowners, the mortgage is the biggest financial commitment they’ll ever make. But once the keys are in hand, it’s easy to set it on autopilot and not think about it again until renewal time. An annual mortgage review is a simple check in that can help ensure your mortgage still fits your life. Here’s a few reasons why it’s worth it do an annual mortgage review.
Life Changes and Your Mortgage Should Too. Over the course of a year, a lot can shift, income changes, growing families, debts paid down, or plans to renovate. Your mortgage was set up based on where you were at one point in time.
An annual review helps confirm whether it still makes sense or if small adjustments could better support your current situation.
Interest Rates and Options Change. Interest rates don’t stay the same forever. Whether you have a variable rate mortgage or a fixed rate approaching renewal, a yearly review helps you stay informed and prepared.
It’s not about making changes every year, it’s about avoiding last-minute decisions when renewal time arrives.
You May Have More Flexibility Than You Realize. Many mortgages include options that often get overlooked, such as:
- Increasing payment amounts
- Making lump-sum payments
- Switching to accelerated payment schedules
Even small tweaks can reduce interest over time. A review helps you understand what’s already available to you.
Planning Ahead Makes Renewal Easier. Many homeowners only review their mortgage when the renewal notice arrives. By then, choices can feel rushed. A yearly check in keeps you informed, reduces stress, and helps ensure you’re ready when renewal time comes.
An annual mortgage review isn’t about pressure or constant changes. It’s about awareness, education, and confidence. Even if the result is, “Everything looks good,” that peace of mind is valuable. Taking a little time each year to review your mortgage can help ensure it continues to support your life, not complicate it.