Posted on
August 10/2020By
northwood
One of the best ways to start saving up money for a mortgage is to see where you can cut back. If you haven’t already done so, figure out your net monthly income and your fixed expenses. Fixed expenses are ones you can’t change, such as rent, student loan payments, or child care. After that, figure out what your variable expenses are. Variable expenses are irregular; they can happen from as little as once a year to as often as every other week. They are also expenses that you have more control over. Here are some examples: See where you…
Posted on
August 03/2020By
northwood
There’s so much to consider when you’re buying a new home. You have to think about how much you can afford, what kind of mortgage you want to get, and where you want to live. Then there are those extra expenses you may not have thought about. What about movers? What about new appliances? Do you want to repaint the walls or upgrade the floors? Do you need to do major renovations before you move in? The list is endless! On top of all that, you have to budget for closing costs. If you’re not familiar with mortgage closing costs,…
Posted on
July 27/2020By
northwood
Imagine a scenario where your significant other’s aunt has died and left your family with an inheritance of $200,000. Once the papers have been signed and the proper condolences have been passed, you are left with a substantial amount of money in your bank account. At this point, you may be thinking about mortgage rates and how you can use the money to help lower your mortgage rates or get a better package by placing a substantial down payment on a second home. In any event, below are some smart ways that you can enjoy a financial windfall. Take a…
Posted on
July 20/2020By
northwood
Many people wonder if a variable rate mortgage is the better choice compared to a fixed-rate mortgage, particularly in today’s uncertain economic times. For instance, recent rate increases have persuaded many to opt for a fixed-rate mortgage over a variable rate mortgage, as it provides added security and certainty. However, there is a price to pay for said security, as fixed-rate mortgages tend to cost 0.75% more than their variable counterpart. To illustrate, if you were to take out a $350,000 mortgage on your home, then the payment difference between a fixed rate and variable rate mortgage would translate to…
Posted on
July 13/2020By
northwood
When it comes to a reverse mortgage, there are certain dos and don’ts that you should be aware of. A reverse mortgage is a financial product that allows seniors to gain access to a subset of their home’s equity to boost their retirement savings. Even though reverse mortgages have been available for over 25 years in this country, many have doubts about whether or not a reverse mortgage is right for them and their loved ones. Here, we will look into the do’s and don’ts of a reverse mortgage so that you will know what you are getting into before…
