Posted on
October 10/2018By
northwood
The impact that land transfer taxes will have on home affordability will vary tremendously depending on the market you’re in. For some, the land transfer tax is something to be despised. To others, it serves as a minor cost that is tacked onto their closing bill. In Canada, each province will charge either a fee or a tax for the transfer of real estate ownership or property. However, the rate will vary greatly from province to province, with some charging tens of thousands of dollars while others charge rates so meagre that they may seem like pocket change to some.…
Posted on
October 03/2018By
northwood
The first thing to do before deciding on whether or not to buy a home is to set aside a budget., however, trying to set up a budget by yourself can prove to be a very taxing and difficult task. The amount of debt your holding, your down payment amount, your credit score, as well as your job history are all factors that you need to take into consideration before creating a budget for your new home. As such, it is highly recommended that you consult with a qualified lender in order to be pre-approved for a mortgage. Then and only then should you set-up a consultation with a real estate broker. Getting pre-approved for a mortgage can be used to your advantage in a financial situation. Below are 4 reasons why you should get pre-approved for a mortgage, and how doing so can be leveraged to your benefit. Boost…
Posted on
September 17/2018By
northwood
The difference between fixed and variable rate mortgages has narrowed over the last few years. Fixed rate mortgages have the advantage of peace of mind, as the payments are fixed monthly. However, their rates have also been steadily increasing in recent years. In comparison, variable rate mortgages tend to be lower in their rates, but also include additional risks. As a result, determining which to go with can provide a nerve-racking and daunting task. Here, we will help you choose between a variable or fixed rate mortgage by assessing your risk tolerance, lifestyle, and income. Rewards vs Risk As mentioned,…
Posted on
September 10/2018By
northwood
With rising interest rates and newfound stress testing rules, mortgage refinancing has become that much more expensive and complicated. As a result, if you want to avoid unexpected expenses and headaches along the way, it is important to start early and do your research when renewing your mortgage. Check Your Options Kelly Wilson is a mortgage broker who is also the co-proprietor of the Wilson Team brokerage firm in Ottawa. According to Wilson, the vast majority of Canadians stick to the same lender as far as mortgage renewals are concerned. However, this may prove unwise in some cases as taking…
Posted on
August 13/2018By
northwood
For most households in America, debt can be a major problem. This is especially true for people who have credit card debt on top of their mortgages, student loans, and car loans. The average household in the U.S. has more than fifteen thousand dollars in credit card debt. As of 2015, an average interest rate of more than 13% was paid on this debt. There are many credit cards that charge even higher interest rates for these high unpaid balances. Refinancing your mortgage is one way to help with managing debts, both of the secured and unsecured variety. When you refinance your property, you may be able to pay off your mortgage sooner. You may also be able to pay off outstanding credit card debt and make payments on any overdue bills. Refinancing to Lower Mortgage Rates Over the past few years, mortgage rates have been at historic lows. In…
