Posted on
May 22/2020By
northwood
For potential homeowners, getting a pre-approved mortgage seems like the right step to buying a house. However, it’s important to note that pre-approval does not guarantee the buyer will get actual mortgage approval. There’s still a chance the buyer can get rejected based on several factors. In this article, we will discuss how mortgage pre-approval can affect your credit score and how to avoid a big decrease. The Effects of Soft and Hard Inquiries Before applying for a pre-approved mortgage, you should keep track of the types of inquiries you make that could affect your credit score. “Soft” inquiries happen…
Posted on
May 15/2020By
northwood
When it comes to maintaining your home, sometimes unexpected events occur, such as job loss or illness, where the bills start piling up, and you can no longer meet the minimum payments. In this case, you might be able to refinance your home and pay them off. The advantage of refinancing your home is to decrease your monthly fees. However, you should play it safe because, in the process of trying to refinance your home, you might get scammed with mortgage fraud. Mortgage fraud works in two ways, and both are unlawful. First, mortgage fraud occurs when an individual purposefully…
Posted on
May 08/2020By
northwood
Now that you have decided to buy a house, the first question most home buyers want to be answered is: “What is the best mortgage for me?” It seems easy to get mortgage approval because you meet all the requirements, right? Not exactly. When it comes to choosing a mortgage that’s right for you, there are many possibilities. In this latest article, let’s highlight four key differences of open vs. closed mortgages for you to review. 1. Duration of mortgage One of the differences between open and closed mortgages is the duration. Open mortgages are usually short-term periods that last…
Posted on
May 01/2020By
northwood
For potential homebuyers and current homeowners, a home is a costly investment with a long-term commitment. That’s why every homeowner carrying a mortgage needs to get life insurance. Life insurance that covers a mortgage is called mortgage life insurance or mortgage protection insurance. This kind of insurance is designed to protect the lender, just in case they are unable to pay for their monthly mortgage fees. In this article, let’s highlight five benefits on how to protect your mortgage with life insurance. 1. May protect homeowners due to sudden unemployment With Canada’s unemployment rate fluctuating every year, sometimes homeowners might…
Posted on
April 28/2020By
northwood
If you are thinking of buying a home, you may be interested in a mortgage qualifier in order to determine if you have a good chance of qualifying for a mortgage. In addition, a mortgage qualifier may help you learn about your current financial standing, as having large amounts of debts may poorly affect your credit score, which will also reduce your chances of qualifying for a mortgage. In truth, the best way to reduce your debts is to be proactive about how you manage your money. In other words, you should create a sound and realistic financial strategy, which includes avoiding impulse purchases that you will later regret. Here, we will delve into some easy steps that will help you avoid the accumulation of insurmountable debts. Steer Clear of Impulse Buying Many people look for immediate gratification, and will often buy things that they don’t need or even want.…
