Does your mortgage still fit your needs? If not, you may be thinking about moving your mortgage to get one that suits your current situation. There may be different packages, rates and terms that work for some serious savings or convenience. Before taking the plunge, there are some key things to consider:

1. What does your current mortgage say about breaking the contract? Most mortgages allow it, but prepayment penalties and administration costs could erode any potential savings. It’s important to talk to an expert to find out what solutions or savings could justify any possible expenses. Don’t forget to ask any financial institution you are considering moving to if they waive any costs like the appraisal or legal fees.
2. Are there better rates available? A lower rate than your current mortgage may result in meaningful savings, even if you pay a mortgage penalty. The savings could be reflected in paying less interest over the term or a lower monthly payment.
3. What do you want your mortgage to do for you? For example, do you want to pay off your mortgage faster, lower your monthly payments, consolidate debt or fund a child’s education? Knowing what you can do or achieve will help you find the best product for your needs. 
4. What options make sense for you? You’ll want to consider:
   1. Whether you want a variable or fixed rate mortgage
   2. What the prepayment options are—anything extra you can put toward the principal saves you money in the long run by reducing the total amount of interest you pay
   3. What your penalty or costs will be to re-finance your mortgage

Talking these questions over with an expert will help take the stress out of deciding what’s best for you on your homeowner journey. And if you have a current mortgage with Coastal Community and want to learn more about refinancing, check out this article.