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.…
Posted on
April 14/2020By
northwood
If you are planning a divorce, then you will likely be dealing with many emotions. However, one thing that often falls by the wayside during a divorce is mortgage payments. Couples need to try and find an amicable solution that will help reduce their financial burdens so that both parties can enjoy a clean slate when all the papers have been signed and the dust has settled. Here, we will discuss some of the mortgage payment options and solutions at your disposal in the event of a divorce. Sell the Home Most experts agree that the best option is for the home to be sold. Moreover, the easiest way to accomplish this is if you have equity in the property. Then, the home can be sold, and the profits can, ideally, be split evenly between both parties. Still, this option may be difficult for some couples, especially if they have…
