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4 Benefits First Time Home Buyers Should Take Advantage Of

Posted onJune 26/2017By

Being a first-time home buyer can be daunting. In addition to finding the home of your dreams, you also need to make sure you make the right decision when it comes to mortgage loans, as well as trying to get a low mortgage rate. As a first-time home buyer, one of the best things you can do is hire a mortgage professional to guide you through the mortgage application process. A mortgage professional can help you make sense of the often confusing process of applying for, and receiving, a mortgage loan. They can also help you get a low mortgage rate. For many people, their mortgage will be the biggest loan they ever receive, and it’s very important to go into the process with a full understanding of different types of mortgage loans in order to figure out which is best for you. A mortgage professional can help you with…

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All About Fixed Rate Mortgage Penalties

Posted onJune 19/2017By

Fixed rate mortgages are the most common, and the least risky, mortgage choice. As the name suggests, having a fixed rate mortgage means that you pay the same amount each month towards the principal, over the agreed-upon period of time. Many homeowners choose fixed rate mortgages so that rising interest rates won’t affect their monthly payments. Additionally, a fixed rate mortgage offers easier planning for monthly expenses. Often, fixed rate mortgage plans last two to three years, but you can also get longer ones that last five to ten years. Although fixed rate mortgages seem simple enough, there are some things to consider when choosing a mortgage, specifically what kind of penalties you may incur with a fixed rate mortgage. Fixed rate mortgages tend to be inflexible, and there are two main types of penalties you can incur… Early Redemption Penalty You may be subject to an early redemption penalty…

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What Is Home Equity?

Posted onJune 12/2017By

You may hear the term home equity, or equity mortgage, especially when discussing the assets or net worth of a homeowner. But what does home equity really mean? Home equity is, in short, the value of a homeowner’s interest in a home. This means that your home equity is the part of the home that you, the homeowner, truly own. If you have a mortgage, then your lender also has equity in your home, even though technically, you own the home. Until your loan is completely paid off, you will not have full home equity. Your home equity will increase over time as you pay off your mortgage, or as the property value increases. Some homeowners, however, use their equity as collateral in a loan, or equity mortgage, which we will discuss more further on. You can calculate your home equity by subtracting the amount owed on any mortgages from…

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Tax Deduction For Rental Properties: 5 Things To Know

Posted onJune 01/2017By

If you are an owner of one or more rental properties, there are many ways of claiming tax deductions. It’s important to understand what you can, and can’t, deduct on your tax forms. Here are some things to know about tax deductions for rental properties and claiming rental income and expenses. You Can Claim Tax Deductions for All Rental Expenses You are able to claim deductions for all rental expenses, which include: Heat Water Hydro Property tax Deductions may be claimed for all expenses related to utilities, which can make up a large amount of the expenses on the rental property. If you are renting the whole property, you can claim all of these expenses. If you live in part of the property and rent out part, you must claim the appropriate percentage. Insurance Is an Expense If you have home or mortgage insurance for your rental property, you can…

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