Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save

4 Tips To Plan For Your Monthly Mortgage Payment

Posted onMarch 28/2016By

An important first step upon closing the purchase of a new home is to plan for paying the monthly mortgage payments. As a new homeowner, you’ll likely encounter several financial responsibilities in the short-term, and so it’s important to begin planning for mortgage payments at the earliest opportunity. In this article, we’ll outline 4 tips for planning for your mortgage payment. Consider Setting up Recurring Payments If you haven’t done so at closing time, you might consider setting up monthly mortgage payments with your bank. There are many advantages to this approach. It will take away your responsibility in having to remember the payment each month. It will also mean you don’t have to go through the payment process every month, saving you valuable time as you juggle work and family responsibilities. Review Responses to Potential Changes to Your Income If your income is fluid and changes from time to…

Read More
0 Comment

How Student Loans Can Affect Your Mortgage Application

Posted onMarch 21/2016By

The latest figures show that almost $30 billion is owed by Canadian students in student debt. With many people going back to school in their adult years, this increasing level of student debt brings with it numerous challenges for the average Canadian student. This is clear when examining how student loans can impact your ability to buy or sell a home. And so within this article, we’ll look at how student loans might impact a buyer during their mortgage application process. Your Debt to Income Ratio When buying a home, your lender will calculate your debt to income ratio by adding up your monthly payments, along with your expected mortgage, and dividing the total by your monthly income. To qualify for a loan with most companies, your debt-to-income level should be less than 43%. For those with a $20,000 student loan looking to buy a house for $300,000 or more, this…

Read More
0 Comment

4 Tips To Pay Off Your Debt Faster

Posted onMarch 14/2016By

Debt can have a significant impact on a person’s lifestyle and stress levels. It can become a cloud that prevents them from achieving their dreams and reaching their long-term objectives. But for those currently struggling with debt problems, there are multiple fast debt relief options available. In this latest post, our team highlights four tips to pay off your debt faster. Pay More on High Interest Debt Tackling the debt with the highest interest rates is the best way to make significant progress in relieving debt. This means that those debts to multiple institutions should review the debt with the highest accumulating interest rate and place their available capital into this debt first and foremost. Because the highest interest rate accumulates the fastest, focusing on this accruing debt first will help prevent further financial issues. Evaluate Your Vehicle Choices One of the leading reasons Canadians take on debt is to…

Read More
0 Comment

6 Closing Costs To Expect When Buying A House

Posted onMarch 07/2016By

When buying a property, closing costs can sometimes be an unexpected expense at a challenging time for the buyer. It’s important to go into the home buying process with a clear understanding of the range of closing costs associated with buying properties in Canada. In this article, our specialists explain six closing costs to expect when buying a house. Land Transfer Tax The land transfer tax is calculated as a percentage of the final total purchase price for a property. Homeowners should learn whether their municipal area adds a land transfer tax on top of the provincial tax that they must pay at closing. Toronto, for example, requires that buyers pay both a municipal and a provincial land transfer tax fee. Legal Fees Another significant closing cost to take into consideration when buying a home is legal fees. Most home buyers won’t have experience dealing with all the purchase paperwork,…

Read More
0 Comment

Subscribe to RSS Feeds