3 Tips For Saving Money On Closing Costs

Posted onApril 25/2016By

Closing costs are an important consideration for any future homebuyer. They require long-term analysis and should be an important part of the purchase budget. However, many don’t have a complete understanding on all due closing costs once a purchase has been completed. This can lead to misunderstandings on the way closing costs are handled by the buyer. In this post, our experts will provide their significant guidance with three tips for saving money on closing costs. Analyze All Forms Carefully Before completing the closing forms for your mortgage, ensure that you and your legal representative analyze the forms carefully. Remember: many of the costs included within the agreement can be negotiated. Look for “processing fees” and other costs that might be included within your paperwork. Oftentimes, these administrative fees can be bundled together to reduce your overall expenditure. But because many homebuyers don’t fully understand the costs involved, they simply…

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Home Equity Line Of Credit Vs. Reverse Mortgage: What’s The Difference?

Posted onApril 24/2016By

There are a couple of options when it comes to using your home equity as collateral in a line of credit or loan. Home equity credit can be used the same as any other line of credit, while a reverse mortgage allows homeowners to delay further mortgage payments and access their home equity. While both options allow homeowners to access their home equity, there are some notable differences. Home Equity Line of Credit A home equity line of credit is similar to any other loan, except that the borrower uses their home equity as collateral. This is similar to refinancing your home or taking out a second mortgage. There are many reasons homeowners take out home equity credit, such as: To pay off existing debt. To make large payments, such as for children’s education. To renovate. To purchase other investments, such as property. Once you are approved for a home…

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5 Benefits Of Mortgage Insurance

Posted onApril 18/2016By

Mortgage insurance is an insurance vehicle designed to protect the lender in case the owner of the mortgage is unable to pay for their monthly costs. But mortgage insurance can also work to benefit the homeowner as well. And in this latest article, our expert team highlights five of the top benefits of mortgage insurance. Access to Better Interest Rates Because of the protection mortgage insurance offers lenders, it then allows the lending company to offer homebuyers access to better interest rates. This works to consolidate the cost of the home for the buyer. Offers Access to the Marketplace for Many Buyers Homebuyers who are self-employed or don’t otherwise have access to steady income may also benefit from mortgage insurance. Mortgage insurance ensures that buyers outside the traditional marketplace can qualify for a low cost mortgage while keeping the lender’s interests protected. Mortgage Insurance can be Transferred Another advantage of…

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4 Myths About Down Payments

Posted onApril 11/2016By

A leading challenge preventing many buyers entering the home ownership marketplace is their misunderstanding on down payments. Many potential buyers feel that the cost of down payments is too high for their budget. This may mean they wait to purchase a property. But by analyzing down payment options, buyers may find they have more flexibility than they first thought on the road to home ownership. In this article, our expert team will highlight four myths of down payments. Myth 1: A 20% Down Payment is Required One of the most widely disseminated myths concerning down payments is the idea that a 20% down payment is required to complete a home purchase. This simply isn’t true. Within the current Canadian real estate marketplace, buyers can begin the purchase process with a 5% down payment on their new home. To avoid having to pay insurance fees, a 20% down payment is required,…

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Mortgage PreApproval Benefits [Video]

Posted onApril 04/2016By

Getting a Mortgage Pre-Approval is your first step in obtaining a mortgage. In this video, Northwood Mortgage agents Jason Hollingworth and David Steinfeld explain what a Mortgage PreApproval is, how to get one, and why it’s beneficial. Subscribe to our Youtube Channel for more tips on mortgages! https://www.youtube.com/c/NorthwoodMortgageLtdToronto

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