Posted on
March 09/2020By
northwood
The land transfer tax is considered by many people to be one of the least desirable aspects of buying a home in Ontario. Still, it is an inevitable part of homeownership in the province. When a buyer purchases either a condo or a house in Ontario, they will need to pay a land transfer tax on the property. Please note that the seller of said condo or home will not have to pay any such tax. Here, we will discuss what the land transfer tax is and how it is calculated in the Province of Ontario. Who pays the tax?…
Posted on
March 02/2020By
northwood
Many first-time homebuyers will need to determine if going with a fixed variable mortgage is preferable over a variable rate mortgage. Given the fact that many houses in North America cost upwards of $1 million in many of the world’s most popular cities, it makes sense to take the time to weigh the pros and cons of fixed variable mortgages and variable rate mortgages. Here, we will discuss the two mortgage types, as well as the main differences between them. Main Difference Between Fixed Variable Mortgages and Variable Rate Mortgages If you were to opt for a fixed-rate mortgage, then…
Posted on
February 24/2020By
northwood
Life insurance is beneficial at nearly any age and protects your loved ones from financial burden in case of your death. Even young, healthy professionals should consider life insurance and the potential protection it offers. While the question of necessity has been answered, the type of insurance required is still open for interpretation. When buying life insurance, look for these things to increase value and decrease costs. Seek a Company Without a Payout Wait Time Every now and then, you’re bound to see a commercial on television promising low or no-fee life insurance exams, or even coverage with no exam at all. The problem with these policies, although they do qualify as policies, is that they are processed differently. When one of these cheap policies is filed, it often takes an extended amount of time to receive a payout. Sometimes, this wait time could be more than a year or…
Posted on
February 17/2020By
northwood
Life is unexpected, which is why the concept of waiting to buy life insurance “until you need it” is simply impossible. Nobody knows what will happen, and being prepared ahead of time to protect those you know and love is the entire purpose of a life insurance policy. At Northwood Mortgage, one of the questions we often receive is: “When should life insurance become a priority?” The answer is: Now. However, the type of policy you’ll require is another topic altogether. For now, let’s focus on when to buy and why. Buying While You’re Young We all feel invincible in our youth, but these notions fade as our 20s strike, and things like careers, houses, marriage, and children come into the picture. Of course, everybody’s journey is different, and some may not include any of these things. However, most adults in their twenties are beginning to look at life differently…
Posted on
February 10/2020By
northwood
Life insurance is a policy protecting beneficiaries of the policyholder from financial burden in the event of the holder’s death. The policy is designed to offer loved ones an unburdened chance to mourn a death and celebrate life. Selecting the right policy is tricky and time-consuming. At Northwood Mortgage, we receive many questions regarding policies and providers, so we’ve created a list of four life insurance tips to live by. This is what you should know about life insurance, especially if you’re a first-time buyer. 1. Only Compare Policies of the Same Type There are two types of policies in life insurance, which are term and whole. Term insurance provides protection over a period of years determined in the contract. It comes with lower premiums, but offers no opportunity for borrowing against the money banked there. Whole insurance is more expensive, but provides coverage until death and can be used…
