Home & Commercial Mortgage Services - Northwood Mortgage
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Do I Need Mortgage Insurance and Life Insurance?

Posted onJuly 11/2014By

About buying houses and insurance costs start adding up. Auto insurance, mortgage insurance, health insurance in some cases and life insurance. Many homeowners, especially new ones want to know if they really need both mortgage and life insurance. Here is some information to help you decide. Determining Your Needs As with most types of insurance, the coverage you get really depends on your needs. Standard mortgage insurance will cover the amount that is still owed on your home, so if something happens to you, your family won’t have to worry about it. Everyone can rest easy, knowing the mortgage is taken care of and they can still keep living in the house if you were no longer around. This is especially true if you’re the main income earner in the family. If you feel that you need both the mortgage covered and regular life insurance coverage, you may opt for…

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Effective Mortgage Renewal Strategies

Posted onJuly 08/2014By

Once you are able to secure a mortgage term and the details are to your liking, usually live your life and let it slip into your unconscious mind until the next time. Of course, renewing your mortgage is something that is always out there, and if you’re prepared when the time is approaching you’ll always come out ahead. Banks and Institutions If you have your mortgage with a bank or other federally regulated financial institution, they are required to send you a renewal statement no less than 21 days before the existing term ends. You can receive the statement by mail or electronically, depending on your preference. Your statement must include all the information that’s in your current agreement, like the balance, interest rate, payment frequency and any fees or charges that are applicable. Assessing Your Needs One strategy many homeowners find useful is to start looking around for other…

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Fixed, Variable, Open and Closed…What Does It All Mean?

Posted onJuly 03/2014By

Within the world of mortgages, you’re likely to hear a multitude of different words and terms to describe how it all works. Four of these words are Open, Closed, Fixed and Variable. They all explain certain conditions of your mortgage, and they’re also words you’ll have to get to know in order to decide which ones are right for you. Fixed Mortgage A “fixed” mortgage means that your interest rate or mortgage rate, is set at a certain number and won’t change for the duration of the term. Many homeowners prefer a fixed mortgage rate because no matter what happens with the interest rates out in the real world, your rate will remain constant. This gives a measure of stability, and one less thing to worry about until it’s time to renew. Variable Mortgage A “variable” mortgage rate is basically the opposite of a fixed rate. As the prime rate…

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