Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



How Monthly Payments Work for a 30-year Fixed-rate Mortgage

Posted onSeptember 05/2019By

When looking for mortgage solutions, the number of options at your disposal can be daunting. For instance, some people may opt for a second mortgage, while others may opt for a 30-year fixed-rate mortgage instead. In Canada, the 30-year fixed-rate mortgage is more popular than the second mortgage option, and accounts for roughly 80% of all home purchases; its popularity has not waned since its inception. Here, we will focus on how monthly payments work for a 30-year fixed-rate mortgage. What is a fixed-rate mortgage? A 30-year fixed-rate mortgage is a loan issued by a financial institution that has an interest rate that is fixed for the duration of the loan. It usually has a repayment term of three decades, although the homeowner can refinance or sell their home before the 30-year term ends if they wish. The interest rate is determined when the loan is first issued to the…

Read More
0 Comment

Can Mortgages be Transferred to Another Property?

Posted onJuly 26/2019By

If you are thinking of moving to another property while still having a mortgage, then you may be considering various mortgage solutions and worrying about things such as having to pay land transfer taxes. You may also not be aware of whether or not your mortgage can be transferred to another property. The good news is, you can transfer your mortgage and it is generally a fairly easy process, as most mortgages in Canada are designed to be portable. Talk to Your Lender First   If you are thinking of moving to another home then we would suggest that you first discuss the matter with either a qualified mortgage broker or your current lender. It should also be noted that most mortgages in Canada are portable, meaning they can be transferred over from one property to another. However, your lender will value the property that you wish to move to,…

Read More
0 Comment

The 3 Most Important Numbers for Your Mortgage Application

Posted onJune 18/2019By

If you are thinking of buying a property then you will likely need to obtain financing to purchase the home of your dreams. Many Canadians will begin the process by trying to crunch the numbers, looking at how much they will bring in each month from their jobs, as well as the down payment amount that they can afford to put down on their new home. However, there are 3 even more important numbers that you will need to assess in order to maximize the chances that your application will be approved. Credit Score   Your credit score will serve…

Read More
0 Comment

Start Early and Do Your Research When Renewing Your Mortgage

Posted onSeptember 10/2018By

With rising interest rates and newfound stress testing rules, mortgage refinancing has become that much more expensive and complicated. As a result, if you want to avoid unexpected expenses and headaches along the way, it is important to start early and do your research when renewing your mortgage. Check Your Options Kelly Wilson is a mortgage broker who is also the co-proprietor of the Wilson Team brokerage firm in Ottawa. According to Wilson, the vast majority of Canadians stick to the same lender as far as mortgage renewals are concerned. However, this may prove unwise in some cases as taking…

Read More
0 Comment

Three Helpful Mortgage Management Suggestions

Posted onApril 30/2018By

Buying a brand new home can be a terrific and rewarding experience. Paying for it, on the other hand, can sometimes be more than a little taxing. It can be particularly difficult in this time of increasing interest rates. If you want to minimize your mortgage expenses considerably, however, there are three effective options that can go a long way for you. Who says that handling your mortgage has to ruin your lifestyle and comfort? Handle Additional Payments on an Annual Basis It can be a good idea to manage single additional payments on a yearly basis. Doing so can decrease the balance you have left significantly. Note, too, that there’s another big benefit to it. If you manage this bonus payment, you’ll in no way, shape or form be obligated to take care of monthly interest for that specific principal. You won’t have to do this for the amount…

Read More
0 Comment

ReCENT POSTS

CaTEGORIES

ARCHIVES

Subscribe to RSS Feeds



Top