Posted on
July 12/2019By
northwood
If you are thinking of purchasing your very first home, you are not alone. Every year, thousands of Canadians take the leap and invest hundreds of thousands of dollars towards their first home. Doing so can be an intimidating task, as applying for a mortgage can be stressful, especially if it is your first. Here, we will discuss some of the top concerns that many first-time home buyers should address as soon as possible before they invest in a new home. The Down Payment It is important to note that putting down a higher down payment may actually have long term benefits, as doing so will also lower your monthly payments. That is, the higher the down payment, the lower your mortgage amount will be because you will end up borrowing less money from your bank or another such lender. If you put down a down payment that is…
Posted on
July 05/2019By
northwood
Despite the benefits of hybrid mortgages, only four percent of Canadians choose them. This could be because the lender doesn’t mention them in their recommendations, or because they seem a bit too complex for the borrower. What is a hybrid mortgage? Before taking a look at whether a hybrid mortgage suits your circumstances, let’s define a hybrid mortgage. A hybrid mortgage is a mortgage that is split into a number of financial components. Every component of the hybrid product has different rates, term lengths, and rate types. This kind of product enables the borrower to benefit from a number…
Posted on
June 26/2019By
northwood
If you are going through the refinancing process of your mortgage for the very first time then you may feel overwhelmed or confused. You may have heard different opinions or suggestions from different experts in the field, or even from your own family members or co-workers. Here, we will help debunk some of the most common myths about the mortgage refinancing process in Canada, so that you will be better prepared to handle the refinancing process yourself when the time comes. Myth One: You Will Require 20% Equity in Order to Qualify This is simply not true. While you…
Posted on
June 18/2019By
northwood
If you are thinking of buying a property then you will likely need to obtain financing to purchase the home of your dreams. Many Canadians will begin the process by trying to crunch the numbers, looking at how much they will bring in each month from their jobs, as well as the down payment amount that they can afford to put down on their new home. However, there are 3 even more important numbers that you will need to assess in order to maximize the chances that your application will be approved. Credit Score Your credit score will serve…
Posted on
June 10/2019By
northwood
If you are thinking of buying some real estate then you will likely need to seek out a mortgage so that you will be able to finance such a large investment. However, there are several different types of mortgages available to most Canadians, so you will need to determine which mortgage solution is right for you. Here, we will discuss some of the obstacles that you may come across while trying to obtain a rural mortgage as well as what obtaining a rural mortgage actually entails. The Challenges of Obtaining a Rural Mortgage The truth of the matter is…
