Sr. Mortgage Adviser
1. Mortgage Check-Up
This would be anything to do with current rates, payments, escrow balances, titling and goal planning for the following year. You would want to look at using your home as an asset and debt control. Also, review liabilities and go over FICO changes. This can be an equity check-up for PMI, MIP reasons. Having the peace of mind that you are currently in the best mortgage for your situation is priceless.
2. Net Worth Check-Up
This will be involving your financial adviser to help plan for the end of the holiday season into the new year. Along with this comes a check into your emergency fund and making sure things are in order for life events and worst-case scenario items. Also to create a “fun savings account” for the following year.
3. Home Evaluation and Market Trends
Check the value of your home, mortgage payment habits and market trends. Some questions to think about: Do we have another year in this home? What is happening in our personal life? Do we need to upgrade/downgrade? Do we have equity in our property, and do we need to capitalize on it? These are all great questions to review with your spouse at the end of the year.
4. Prepare for Tax Season
Some questions to review would be: Are you in a position to need to qualify and lower your write-offs? Are you looking to qualify for a refinance or another purchase? What else can we think of to be prepared for the new year?
Some of these questions and items to review may seem like a no-brainer, but it’s always better to be vigilant than to regret a missed opportunity.