When is it advisable for homeowners to review their mortgage and related fees?

Homeowners should review their mortgage and related fees regularly and especially during major financial changes because this practice allows them to assess their financial situation, consider refinancing options, and optimize their mortgage terms. Regular reviews can help identify any unnecessary fees that could be eliminated and ensure that the mortgage aligns with their current financial goals, such as budgeting for other expenses or saving for future investments. Major financial changes, such as a change in income, taking on new debts, or significant life events like marriage or having children, can all impact a homeowner's ability to manage their mortgage effectively and may warrant revisiting the terms of the mortgage.

Additionally, homeowners might find opportunities to lower monthly payments or costs by refinancing if interest rates become more favorable or their credit situation changes. Ultimately, this proactive approach ensures that borrowers remain informed and can make sound financial decisions that benefit their long-term financial health.