An annual mortgage review does not mean you need a new loan. It is a chance to verify the information, understand payment changes, and see whether your current mortgage still supports your plans. Keep a written baseline so next year’s review is easier.
Review the loan because your circumstances change, not because a new loan is always better.
Check the loan details
Record the balance, interest rate, remaining term, and principal-and-interest payment. For an adjustable-rate loan, locate the next adjustment date and the terms controlling it. Confirm extra payments have been applied as intended.
Understand escrow changes
Property taxes and insurance can change independently of the mortgage interest rate. Read the escrow analysis and check which amounts caused a shortage, surplus, or payment adjustment. Ask your servicer to explain an unclear calculation.
Revisit your goals
A planned move, retirement, renovation, or major income change can alter the questions worth asking. Compare any proposed refinance or equity borrowing after fees and repayment terms. You can also decide the current loan remains a good fit.
Your action list
0 of 6Progress is saved in this browser. No account needed.
Keep learning from the source
Official resources for context and current requirements. Links do not imply endorsement.
CFPB: Home equity lines of credit booklet ↗CFPB: Understanding your Loan Estimate ↗General education, not an approval or personalized recommendation. Loan terms and eligibility vary. Our editorial standards.