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Just as you should get a yearly physical by your Doctor, the Mead/Taylor Financial Group provides an Annual Mortgage Review for their clients as one of the many benefits of working with them.  We all experience changes in our lives that involve our income, career, family, health, lifestyle, etc. Additionally, there may be new types of mortgage planning products and services that could help enhance your financial situation. The Annual Mortgage Review addresses the following:

Complete review of your credit report.
Your credit not only impacts what you can qualify for with a home loan and what your interest rate could be, it also effects your insurance rates and credit card rates. Often times, it just takes a few adjustments to improve a credit score. Other times, it could take a bit more elbow grease.  We are happy to help develop a plan to improve your credit score.

Are you paying for Private Mortgage Insurance (PMI)?
Private mortgage insurance used to be a way to finance homes when someone was putting less than 20% down and also if someone was buying using FHA financing. With today's appreciation and the many new mortgage products now available, PMI is often no longer necessary. PMI is of no benefit to the homeowner and only protects the lender in the case of default on a mortgage. NOTE: PMI recently became tax deductible for new loans as of 2007 (with income limitations).

What are your family goals?
Do you have elderly parents or children who will be attending college soon? Are you preparing for retirement? Are you anticipating a change in your career? Your equity can be a resource to help fund life goals. In addition, if you have added to your family and need to restructure debt or reduce your monthly payments, restructuring your mortgage may be beneficial.

How long do you plan to stay in your current home?
If you only plan on staying for 2-5 years, often times a fixed period ARM may have a better rate than a 30 year fixed rate program. This strategy could save a home owner thousands of dollars and it does need to be weighted against what a cost of a refinance would be and if a home owner would break even on the costs before they decide to move to a new home. Likewise, home owners who currently have fixed period ARMs and feel they may move before their ARM term is over, should probably not refinance into a 30 year fixed rate.

Do you have funds set aside in case of an emergency?
A home equity line of credit (HELOC) can be a great resource for home owners if they can resist using their equity like a credit card.  The interest on a line of credit is only charged on the amount of the line used and can be very beneficial should you ever become unemployed or have an emergency.  It is to your advantage to set up a HELOC while your employment and income is favorable.  Should your employment or income suffer, it is much more difficult to secure a line of credit or any mortgage loan at a competitive rate.  If a home owner's equity is too tempting for them, then we strongly suggest they do not take out a line of credit against their home.  HELOC rates are attached to the Prime Rate and will adjust when ever Prime adjusts.

How much has your home value appreciated?
The Mead/Taylor Financial Group will provide you with a list of homes that have currently sold within your neighborhood to give you an idea of what your home may be worth in today's real estate market.  If you are considering selling your home, you should contact your Realtor for a Certified Market Analysis.  Many clients are pleasantly surprised with the appreciation they have received simply from being a home owner.  Knowing the equity in your home allows you to manage that asset to your best advantage.

Review of other financial planners and recourses.
Do you have a great CPA or Financial Planner?  Do you need a professional Realtor or an Estate Attorney to help you finally plan a will and set up a trust?  The Mead/Taylor Financial Group is always keeping an ear out for other professionals that they can refer their clients to. It's important to make sure you have the best team working for your best interest.

Contact the Mead/Taylor Financial Group for your complimentary Annual Mortgage Review today. Even if we did not originate your current mortgage, we will be happy to accept new clients to our practice.