Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save

Three Tips To Save For A Down Payment

Posted onJanuary 15/2016By

Saving for a down payment can be daunting for first-time home buyers, but breaking it down into small steps can make the process less daunting. A home is a great investment, and there are many ways to save for this big purchase. A potential home buyer should try to save 5-20% of the value of the home. Here are some helpful tips for saving for your dream home. Let Your Money Grow Hold your savings in a fund where they can accumulate the highest possible amount of interest. Good examples of accounts include: Canadian Tax Free Savings Account (TFSA) Guaranteed Investment Certificate (GIC) Mutual Funds RRSP High Interest Savings Account Pay off Existing Debt It’s hard for your money to grow when you owe–and are paying interest. In fact, those who have too much consumer debt will not qualify for a mortgage. Before starting to save for a down payment,…

Read More
0 Comment

What Is A Windfall?

Posted onJanuary 08/2016By

A windfall, meaning coming into a large amount of money, is something we all dream of. In reality, windfalls do happen, perhaps from a lottery win, a smart investment, or an inheritance. While a windfall is a positive thing, there are many considerations to be made. Receiving a large sum of money can be overwhelming and many people aren’t educated in financial management and can end up mismanaging their new wealth. While many of our first instincts would be to spend, perhaps indulging in purchases we’ve always fantasized about like a boat or a fancy car, you should be careful not to let these instincts take over. If you manage your money properly, there will be more than enough to buy the things you want. First, it’s important to make a financial plan. Here are some steps you can take to make sure your new wealth lasts for a long…

Read More
0 Comment

Things To Do Before You Start Home Shopping

Posted onJanuary 05/2016By

You’ve saved for a down payment, and now you’re so close to owning your first home. While exciting, home shopping can also be overwhelming. Buying a home is probably one of, if not the, biggest financial transaction you’ll ever make. Follow these tips to reduce the stress of home shopping! Talk to a Mortgage Lender Many first-time buyers want to jump right into shopping and talk to a real estate agent. However, it’s important before you start shopping to see what kind of mortgage you qualify for. By getting pre-approved for a mortgage, you can save your time, and the real estate agent’s time by only looking at houses you can actually buy. In fact, most real estate agents require that you get pre-approved before you start shopping. It’s also important not to buy a house you can’t afford. Your mortgage lender may tell you the maximum price you qualify…

Read More
0 Comment

Can I Get Out Of My Mortgage Without A Penalty?

Posted onJanuary 01/2016By

There are many reasons you may need to break a mortgage. Life is unpredictable, and perhaps a five year closed mortgage seemed like the right choice at the time, but as we all know circumstances can change. Maybe you need to sell earlier than you thought, or maybe you found a cheaper rate somewhere else. Unfortunately, getting out of a closed mortgage can result in paying a penalty fee, and these can cost thousands, or even tens of thousands of dollars. Protect Yourself From The Beginning When it comes to signing a mortgage, the language that’s used in the documents can be complicated and difficult to understand, especially for an inexperienced buyer. In this way, you can get stuck paying penalties larger than you expected, or not being able to get out of the mortgage at all. Though it can seem daunting, it’s worth learning how to read legal documents.…

Read More
0 Comment

Subscribe to RSS Feeds