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How to Renew a Mortgage

Posted onMay 11/2015By

It’s fast approaching, that time that every homeowner is faced with: Mortgage renewal. Without the right broker, the renewal process can be far scarier than it sounds. However with one of our mortgage professionals at Northwood, you’ll be able to renew your mortgage in a simple and smooth process. But how does a mortgage renewal work, and when should you start the process? A good broker will contact you at least four months prior to your renewal date. There are many reasons that you are given a head’s up. You may have forgotten that your mortgage needs to be renewed or your broker has already started looking around for you. Either way, advanced notice should be welcome. When you sit down with your broker, you can lay it on the table. Maybe your needs have shifted and the terms of your current mortgage don’t apply to your financial situation anymore.…

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How do Pre-Approved Mortgages Work?

Posted onMay 08/2015By

Getting a mortgage pre-approval is a great first step towards buying your dream home. Pre-approvals show that you are in decent financial shape and can afford to purchase a home when the time comes. A pre-approval is not a full-on mortgage authorization, but it does imply that you’re a good candidate for home ownership. You may have heard that you can also be pre-qualified for a mortgage. Being pre-qualified is not the same as a pre-approval. A pre-qualification is when a lender gives you an idea of how much you’ll be able to finance to buy your home. There are no commitments involved when you are pre-qualified, unlike a pre-approval where a lender has made an assurance to you that you’re entitled to funding. The pre-approval process starts with you. It sounds like a cliché, but a lender isn’t going to seek you out to offer you a mortgage. First…

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Benefits of Going with a Broker Over a Bank

Posted onMay 04/2015By

When it comes to getting a mortgage, your gut may be telling you to stick with your bank. Your bank knows you. You’ve been with them a long time. They always treat you like a valued customer … until you get your monthly statements and notice all of the hidden fees. The truth is when it comes down to it, a majority of people are just another customer at the bank, and it’s unlikely that you’ll get any special treatment when it comes to your mortgage. If you’re looking for a mortgage, working with a mortgage broker instead of a bank is one of the best investments of your time and your money. The below list provides only a small sample of why going with a broker over a bank is best: A wider variety of choices When it comes to getting a mortgage, the more choices you have, the…

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