As the end of the year approaches, many people start thinking about year-end finances—like maxing out retirement contributions, using up FSA dollars, or finalizing tax strategies.
But there’s one powerful financial asset that often gets overlooked: your mortgage.
Whether you bought recently, refinanced in the past couple of years, or are carrying untapped equity, now is the perfect time for a year-end mortgage check-in. A quick review could reveal ways to boost your cash flow, tap into equity, or simply make sure your loan still supports your goals.
Here are three strategies homeowners are using right now:
- Leverage an Escrow Refund
If you recently refinanced or waived escrows, you may receive a refund check from your escrow account. Instead of letting it sit in checking or get spent without a plan, consider using it to:
- Pay down high-interest debt
- Fund home improvements
- Start or grow your holiday or emergency fund
Not sure if you’re due for a refund? Ask your trusted mortgage advisor—many refunds arrive weeks after closing.
- Refinance to Cover Your Property Tax Bill
Property taxes can be a year-end budget buster, especially if you’ve waived escrows. With the right refinance, you may be able to roll that bill into your mortgage, spreading the cost out over time.
It’s a smart way to ease short-term cash flow while staying on top of essentials.
- Take Advantage of Skipped Payments
Here’s a lesser-known benefit of refinancing: depending on your closing timeline, you can often skip one or even two mortgage payments when refinancing. It’s not “free money,” but it does create a short-term cash cushion for holiday spending or padding your savings.
Ready to Explore Your Options?
Year-end is the perfect time to check in. A quick review of your mortgage could reveal opportunities to free up cash, put equity to work, or simply ensure your loan still fits your goals.
Fill out the form below to get in touch—we’ll help you explore your options and decide what’s right for you.
