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…
Posted on
April 07/2020By
northwood
The housing market in 2019 was dominated by limited supply, high demand, and low rates, primarily in the lower-priced end of the industry. As for 2020 and beyond, some experts predict more of the same, while others have predicted some marked changes that will take the real estate market by storm. Here, we will discuss some of the trends to look for in 2020 regarding the real estate mortgage industry and the real estate market at large. Mortgage Rates Will Either Remain the Same or Go Down Slightly While mortgage rates will fluctuate depending on where you live, Freddie Mac’s most recent numbers had real estate mortgage rates sitting at roughly 3.75%, which is nearly a 1% difference from what the monthly average was a year ago. As such, the drop in rates caused an upswing in refinancing over the last three months, as purchasing activity also enjoyed a surge…
