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The Benefits Of Bridge Financing

Posted onNovember 28/2016By

Bridge financing gives loan recipients the option to secure a temporary loan before a more permanent one is finalized. Bridge financing is a popular way to finance a mortgage, and although the timeframe for repayment is much shorter, it provides more time for families who are transitioning into new homes. Bridge financing has many benefits, and it is good to know some of them in order to determine if this type of loan might be right for you. Short Term In Nature Because the loan is short term in nature, you don’t have to worry about keeping up with payments over a long period of time when circumstances change. This saves the borrower from compounding interest rates as well as other penalties for late payments. Credit Ratings If the borrower repays the loan within the stipulated timeframe, this can boost the borrower’s credit score, making them eligible for loans that…

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How To Secure A Mortgage When You’re Self-Employed

Posted onNovember 21/2016By

There are many advantages to being self-employed, but one disadvantage is that it is much more difficult to prove your income to financial institutions. It gets especially complicated when your income is much less on paper than it actually is— especially when you factor in the deductions made from business expenses. Recent rule changes have made it much more difficult for self-employed workers to qualify for a loan, but if you are self employed, there are ways to increase your chances of successfully securing a loan. Have A Good Credit Score Although it is not the only requirement for securing a mortgage, it is still critical. If you know your credit score is low, try to improve your score before approaching the bank, because it is one of the first things they will look at. Keep Your Business Books Keep track of your financial records. Practise good bookkeeping and keep…

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Tips For Financing A Renovation

Posted onNovember 14/2016By

Most homeowners will want to make renovations on their homes at some point. They may either want to refurbish aging or damaged parts or make extensions to the property. Either way, a home renovation breathes new life into the property and increases its value. But what is the drawback? The biggest obstacle home-owners face is financing the planned renovations. To overcome this obstacle, most homeowners take out loans from a lending institution. But qualifying for such a loan is not easy. Here are some steps to make financing a renovation easier. Check Your Credit Score Your credit score is one of the first things a lending institution will look at. If your credit score is weak, then give yourself some time to raise the credit score. Be prompt on your credit card payments and try to pay some of it down if you can. Know the Value Of Your Home…

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Which Types Of Properties Qualify For A Reverse Mortgage?

Posted onNovember 07/2016By

A reverse mortgage allows homeowners to draw on some of their home equity. This is particularly beneficial for seniors who live alone in their own homes. In this arrangement, the recipient receives a monthly allowance from the lending institution. Unlike with a regular mortgage, the recipient does not pay monthly instalments, but is still obligated to pay the costs that come with homeownership, such as insurance, property taxes and maintenance. Qualification for this type of mortgage depends on various factors such as property type. The following types of properties are eligible for a reverse mortgage. Single-Family Dwellings This is the most common type of home that qualifies for a reverse mortgage. Seniors often live alone; therefore, it makes sense to benefit financially from your home without having to sell it. The main criterion to be met is that the home in question is the principal residence. Multi-Family Homes Multi-family homes…

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