Posted on
May 26/2019By
northwood
Closing costs in Ontario are an important part of your mortgage and home ownership budget, yet many buyers have not heard of them. You don’t want to be surprised when you go to your bank or broker’s office and discover that there are additional costs to cover on the day of taking ownership of your new home. Closing costs can add up quickly, so we’re going to discuss them in this post so that you can understand what they are and not experience any unpleasant surprises when you’re ready to collect the keys to your new home. Closing Costs Home…
Posted on
May 17/2019By
northwood
Everyone knows that buying property is expensive, so when mortgage renewal time in Ontario comes around, it’s an opportunity to check various deals and save money. Whether you’re looking for a better rate on a mortgage renewal or aiming to borrow for a new mortgage, it’s important to note that banks and other lenders look at a number of key factors when you apply for a mortgage. This post will highlight those factors and give you the best tips on how to get the best mortgage rate. Improve your credit score. If you don’t intend to apply for a mortgage…
Posted on
May 09/2019By
northwood
If you live in a part of Canada which has low rental vacancies, you might be tempted to invest in rental properties. A rental property usually generates revenue and often turns out to be a good long-term investment. However, it’s important that you understand the difference between residential and commercial mortgages Ontario. Commercial Mortgages Ontario Commercial real estate is used for the location of a business or to rent out, thereby generating income for the owner. On the other hand, residential real estate is an owned residence. However, mortgage issues in both sectors can become confusing because some rental properties…
Posted on
May 03/2019By
northwood
The world of mortgages is complex when you are new to it. And, remember, there are no stupid questions! You might have heard the names of different types of mortgages, but were not sure what they were. Let’s start with the fixed rate mortgage. In this post, we are going to explain what it is and if it might be right for you. Always keep in mind, though, that you should talk to an independent mortgage broker before making any final decisions. A fixed rate mortgage is one that has the same (fixed) interest rate for the full-time term of…
Posted on
April 22/2019By
northwood
Mortgages can be complicated, and even daunting. If you’re a first-time buyer, it’s best to seek advice or use a broker. Even people who have been through the process find it confusing. You have to consider things like your income, savings, the economy, how much you should borrow, and your credit rating. There, of course, is the whole issue of approval. Will a lender or bank approve your mortgage application? Not least, you need to figure out exactly what kind of mortgage you should get – fixed term mortgage or variable rate. When it comes to mortgage products, there are…
