The Right Mortgage Strategy Does Not End on Closing Day
Most people think the mortgage process ends when the deal closes. It does not. At least, it should not.
One of the biggest gaps in the mortgage industry is what happens after closing day. For clients who work with the big banks, the answer is usually nothing. No check-in. No review. No call to let you know that rates have shifted, that your penalty is about to drop, or that there is a strategy available to save you thousands of dollars in interest. You are on your own.
That is not how I work.
What a Mortgage Review Actually Looks Like
After a mortgage closes, I do not disappear. Every client gets post-closing check-ins and ongoing mortgage reviews built into the relationship. Here is what that looks like in practice.
Shortly after closing, I connect with clients to confirm:
The first mortgage payment came out of the correct account.
There are no issues or outstanding questions about the new mortgage.
The overall experience met their expectations, and if it did not, I want to know why so I can improve.
That first call also sets the foundation for the mortgage strategy going forward. If a client opted for a fixed rate mortgage, I walk them through their penalty timeline and identify the point in their term where breaking the mortgage would cost the least. Depending on their situation, we also discuss strategies they may not have considered, including making their mortgage tax-deductible to free up capital for investing, paying down the mortgage faster, and generating annual tax refunds.
On an ongoing basis, I review all my client mortgages for savings opportunities behind the scenes. My clients have full access to me throughout their term, not just at renewal.
Real Results From Active Mortgage Management
Here are two recent examples.
Example one: During a routine review, I identified an opportunity for a client that would allow them to save $10,000 in interest. They could drop their monthly payment by $277 or be on track to paying their mortgage off two years ahead of schedule. No one from their bank had flagged this.
Example two: I completed a one-year mortgage review for a client whose mortgage I processed the prior year. Their mortgage was still competitive and a strong fit for their situation, so I confirmed that and gave them the clarity they needed. I also advised that their current penalty on their fixed rate was high, and that by next summer it would drop by nearly 60%. That is the window to make changes if changes are needed. At that time, I will be ready to walk them through a strategy to dramatically accelerate their paydown and reduce total interest paid. We also discussed the potential to restructure their mortgage to make it tax-deductible, which would open up monthly cash flow for investing and generate annual tax refunds.
Does your bank rep make that call?
The Cost of an Unmanaged Mortgage
I regularly speak with people who are sitting in mortgages at rates well above current market because no one reached out to tell them there were better options. No one reviewed their situation. No one flagged that their penalty was about to drop or that a small strategic change could save them tens of thousands of dollars.
That is the cost of a mortgage with no one managing it.
If you feel like you did not receive this level of advice and follow-through with your current mortgage, that is worth addressing. A mortgage is more than a rate. It is an ongoing strategy that should be reviewed, adjusted when warranted, and actively managed throughout the term.
Want a Mortgage That Is Actively Managed?
Whether you are coming up on a renewal, sitting in a rate that no longer makes sense, or simply want someone in your corner who is paying attention, reach out. I would be happy to review your mortgage and show you what active management actually looks like.