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…
Posted on
July 06/2020By
northwood
In reality, many first-time homebuyers will have difficulty in finding a quality entry-level home, as the supply of move-in ready homes is in short supply. Fortunately, there is a way to work around the lack of entry-level homes: look into renovation financing. Renovation financing can be used to invest in a fixer-upper property. In other words, you can use a renovation mortgage to obtain a home loan that amalgamates the cost of renovations with the purchase price of the home. Here, we will explore how you can expand your home purchasing options with renovation financing. There are Not Enough Affordable…
Posted on
June 22/2020By
northwood
Many things affect a homebuyer residential mortgage — the process of the application contains many safeguards to protect lenders and borrowers alike. A self-employed individual or business owner has unique challenges. A homebuyer residential mortgage falls under a different approval process for the self-employed or business owner. Don’t Forget to Declare Ownership Business owners, in many cases, take a salary from the business they run, and a T-4 reflects their earnings for tax purposes. In the application process, a lender will review the form, but the big mistake here is the failure to declare ownership of the business. This causes…
