Posted on
April 22/2019By
northwood
Mortgages can be complicated, and even daunting. If you’re a first-time buyer, it’s best to seek advice or use a broker. Even people who have been through the process find it confusing. You have to consider things like your income, savings, the economy, how much you should borrow, and your credit rating. There, of course, is the whole issue of approval. Will a lender or bank approve your mortgage application? Not least, you need to figure out exactly what kind of mortgage you should get – fixed term mortgage or variable rate. When it comes to mortgage products, there are…
Posted on
April 15/2019By
northwood
When it comes to mortgages, the usual scenario is that a residential property owner wants to buy a commercial property and thinks that the same mortgage rules and criteria apply. But this isn’t the case. Financing for a commercial property is very different from financing for a residential property. This is because the rules are different and for the most part you are dealing with a different set of lenders. In this article, we are going to look at the differences between residential and commercial mortgages. Residential vs Commerical Mortgages A key difference between being accepted for a commercial mortgage…
Posted on
April 08/2019By
northwood
Mortgages are tricky transactions, partly because banks and lenders are cautious about giving approvals for a second mortgage. The will be equally cautious about making the final transfer of funds to a bank account. Various checks need to be performed, reports filed, and legal work completed. Second Mortgages Even if you have been approved for a second mortgage, your application can be derailed if your circumstances change at the last minute. That means you may not actually receive the funds. Remember that even if you have been approved for a mortgage, your bank or lender is still monitoring your financial…
Posted on
April 01/2019By
northwood
Deciding what kind of mortgage to get is often complicated, especially if you’re a first-time buyer. Even experienced buyers take their time to the fixed-rate mortgage and the variable rate mortgage because there are so many influencing factors. Things like the current economic circumstances, your employment situation, amount you want to borrow, and your credit rating will all influence your decision on your mortgage. There are two main types of mortgages. Fixed-rate and variable rate mortgage. In this article, we are going to look at the variable rate mortgage so that you can learn more about this product, what it is,…
Posted on
March 28/2019By
northwood
In January 2018, Canada’s new mortgage rules came into effect. These new terms mean that borrowers may be burdened with the need to prove they are capable of paying higher interest rates than those in their lending contract. This stress test will apply to borrowers who have a smaller down payment and those in need of mortgage insurance. Research by the Bank of Canada showed that about 10 percent of Canadians who were approved for a mortgage without insurance between 2016 and 2017 would not qualify under the new rules. That works out to about 100,000 home buyers, according to…
