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When’s the Best Time to Buy Life Insurance?

Posted onFebruary 17/2020By

Life is unexpected, which is why the concept of waiting to buy life insurance “until you need it” is simply impossible. Nobody knows what will happen, and being prepared ahead of time to protect those you know and love is the entire purpose of a life insurance policy. At Northwood Mortgage, one of the questions we often receive is: “When should life insurance become a priority?” The answer is: Now. However, the type of policy you’ll require is another topic altogether. For now, let’s focus on when to buy and why. Buying While You’re Young We all feel invincible in our youth, but these notions fade as our 20s strike, and things like careers, houses, marriage, and children come into the picture. Of course, everybody’s journey is different, and some may not include any of these things. However, most adults in their twenties are beginning to look at life differently…

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Four Tips for Buying the Right Life Insurance Policy for You

Posted onFebruary 10/2020By

Life insurance is a policy protecting beneficiaries of the policyholder from financial burden in the event of the holder’s death. The policy is designed to offer loved ones an unburdened chance to mourn a death and celebrate life. Selecting the right policy is tricky and time-consuming. At Northwood Mortgage, we receive many questions regarding policies and providers, so we’ve created a list of four life insurance tips to live by. This is what you should know about life insurance, especially if you’re a first-time buyer. 1. Only Compare Policies of the Same Type There are two types of policies in life insurance, which are term and whole. Term insurance provides protection over a period of years determined in the contract. It comes with lower premiums, but offers no opportunity for borrowing against the money banked there. Whole insurance is more expensive, but provides coverage until death and can be used…

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Everything You Need to Know About Life Insurance

Posted onFebruary 03/2020By

While the medical industry has come a long way in ensuring that people live longer, there are no guarantees. Therefore, buying life insurance is essential, especially if you have friends and family you want to protect in the event of an accident or illness. Like all big decisions, selecting the right life insurance plan takes some careful consideration. Not all plans are alike, and this makes choosing the right plan for you tricky. If you are considering life insurance, but find yourself unsure about which policy to select, Northwood Mortgage can help. Here are a few things you should know about life insurance and how it works. Choosing Between Term or Whole Life Insurance There are two main forms of life insurance to invest in, which are term and whole. These work as follows: Term insurance, as the name implies, covers only a selected number of years. It doesn’t accumulate…

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Are Longer Cheaper Mortgages Worth It?

Posted onJanuary 27/2020By

The appeal of a longer mortgage may seem palpable, but when contemplating whether it is a choice move, the fine points demand valid consideration. On the surface, borrowers will seek mortgages as long as 40 years for the benefit of a lower monthly payment, but what does broadening out your loan truly convey? There is always a concession of sorts when it comes to negotiating lower monthly payments, and so it is vital to determine if such longer mortgages are essentially worth it. The notable boost in lenders offering longer-term mortgages has been expeditious and is steadily ascending. Analyzing such type of commitment, coupled with assessing your individual needs, will be a distinct advantage to make the most desirable judgment. Currently, the quintessential term length has a defined principle and interest rate of five years in which, after that period, new terms warrant mediation. The integrated length of the mortgage,…

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The Truth: Why Mortgage Rates in Canada Are Cheap

Posted onJanuary 20/2020By

Although rapid skyrocketing home prices seem to be indicative of a Canadian real estate market, inversely high-interest rates are not. This hasn’t always been the case; instead, it is a new phenomenon that boasts the lowest fees in years, and it commands our attention. The National Bank reports that falling mortgage rates have made monthly carrying costs facile for borrowers, and additionally, the rates since the year’s onset continue to drop. Comprehending the decline is crucial to determine what your game plan will ultimately be when deciding to purchase a home, and whether to commit to either a fixed or variable mortgage rate. There is a substantial correlation between the mortgage market and the bond market, consequently, directly prompting interest rates to become affected. Anyone securing a mortgage on an original purchase or renewal today has a pivotal financial advantage. Banks, along with alternate lenders, safeguard the money to be…

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