What Happens When Your Life Changes, but Your Mortgage Doesn’t?

When you first get a mortgage, you’re making a decision based on the life you have at that moment. Your income, family, career and priorities all play a role. You make the best decision you can with the information you have.

Then life happens.

You get married. Have children. Change jobs. Start a business. Take on new debt. Move. Renovate. Or maybe nothing dramatic happens at all. You simply reach a point where what you want from your money has changed.

The interesting thing is that while your life can change considerably, your mortgage doesn’t automatically change with it.

Life Doesn’t Follow a Mortgage Schedule

A mortgage can last for decades, but your circumstances won’t stay the same for that long. The mortgage that worked when you were starting your career may look very different once your income increases. The strategy that made sense before you had children may not fit the same way once your expenses change. And the mortgage that helped you buy your home may not align with your priorities once you’re thinking about retirement, investing or becoming debt-free.

Sometimes the changes are financial. Sometimes they’re personal. Maybe you’ve become self-employed, your family has grown, or you’re approaching retirement. Whatever the reason, changes in your life can change the way you should think about your mortgage.

That’s why the question isn’t always, “What can I do with my mortgage?” A better question might be, “What am I trying to accomplish?”

If your goal is to become mortgage-free sooner, your strategy may look one way. If your priority is creating more monthly cash flow or accessing your home’s equity for another goal, it may look completely different. There isn’t one mortgage strategy that works for everyone because there isn’t one version of life that works for everyone.

Look at the Bigger Picture

It’s easy to think of your mortgage as simply a payment that comes out of your account every month. But it’s connected to your income, your debt, your home, your family and your plans for the future.

Your life may have changed. Your mortgage should at least be part of the conversation about what comes next.