Posted on
March 29/2021By
northwood
Buying a condominium is a different experience from buying a house, but it can be just as exciting. It is easy to see why so many Torontonians are moving into condos. They are reasonably-sized, affordable homes in the middle of attractive locations. Condos can also be a great investment opportunity if you can get a low mortgage rate. However, there are some important things that you must do before purchasing a condo. Budget for fees. There are extra fees that you’ll need to be prepared to pay when you buy a condo. These include occupancy fees, which are charged to…
Posted on
March 15/2021By
northwood
In Canada, homebuyers have a variety of mortgage options, including a high-ratio or a low-ratio mortgage. Understanding the difference can be key to how much you pay for your home over the long term. What is a high-ratio mortgage? A high-ratio mortgage is one where the buyer pays less than 20 percent of the purchase price of the home as a down payment. It is called a high-ratio mortgage because of the difference between the mortgage amount and the purchase price, also called the loan-to-value ratio. A low-ratio mortgage is one where the buyer puts down more than 20 percent…
Posted on
March 08/2021By
northwood
When it comes time to buy your home, don’t make your bank your only stop. If you want to uncover a wide variety of options and mortgage opportunities, you’ll want to talk to a mortgage broker. Also called “mortgage advisors”, these professionals are like the middle person between you, the homebuyer, and different lenders. One of the main advantages of going through a mortgage broker is that they are connected to many lenders, which means you don’t have to settle for the mortgage your bank offers you. A mortgage broker’s job is to shop around to find you the best…
Posted on
March 01/2021By
northwood
Mortgage investing can be an excellent way to enter the real estate market and create a fixed-income investment. Similar to other investment options, mortgage investing does have some risks. Overall, though, because it relies on real estate as collateral, it is a relatively stable way for people to invest their money. However, before you get started, there are a few things you should know. Mortgage Investment Strategies There are three methods you can use when it comes to mortgage investment. These include: Professional mortgage fund/Mortgage Investment Corporation. This a pool of money from various investors such as yourself. A professional…
Posted on
February 22/2021By
northwood
Most homeowners will need to renew their mortgages at least once before they fully pay off the loan. This just means you take the money you still owe on your mortgage and renew it for another term. Going for an auto-renewal option may seem like the most convenient way to handle it, but it is not always the right decision. Renewing your mortgage is an opportune time to try and get a lower interest rate or added options to your mortgage. Sometimes, this involves a little extra effort on your part. Here are 8 tips you can use when it…
