Posted on
December 21/2020By
northwood
Adjusting your mortgage can help you save money or reduce your interest rate. As well, it can help you build equity in your home faster. Getting a better rate or lower payment on your mortgage can be an attractive reason to refinance your mortgage. However, even if interest rates are low, is it always a good time to refinance? Here are some things to know before you renew. Good Reasons to Refinance The following are the best reasons to seek a refinance of your mortgage: It will lower your monthly mortgage payments You will build up more equity You can…
Posted on
June 26/2019By
northwood
If you are going through the refinancing process of your mortgage for the very first time then you may feel overwhelmed or confused. You may have heard different opinions or suggestions from different experts in the field, or even from your own family members or co-workers. Here, we will help debunk some of the most common myths about the mortgage refinancing process in Canada, so that you will be better prepared to handle the refinancing process yourself when the time comes. Myth One: You Will Require 20% Equity in Order to Qualify This is simply not true. While you…
Posted on
February 27/2019By
northwood
Taking out a mortgage almost automatically counts as an expense, as it translates to making continuous repayments over an extended period. But did you know that mortgage refinancing provides opportunities to cut down on expenses and outbound cash flows? That’s right — restructuring your mortgage actually provides opportunities to unlock hidden savings by reducing monthly payments, instituting low, locked-in interest rates and revealing extra cash available in the process. Because of these benefits, refinancing a mortgage has become popular among countless property owners in a bustling business district such as Toronto. Refinancing your commercial mortgage puts you in charge of the financial health of your business. Learn exactly how you can save your business some much-needed cash through mortgage refinancing: Analyze the Mortgage Repayment Terms Before you sign up to refinance your mortgage, it’s important to consider your goals. Does your Toronto business require an influx of cash and savings…
Posted on
January 23/2019By
northwood
Life can be complex, unpredictable, and exciting. At any point in time you may find yourself in need of a loan to pay for something important, such as an addition to your home, an unexpected repair, medical emergencies, or education tuition. What is a Second Mortgage? A second mortgage isn’t complex and, essentially, is what it says: it’s a secondary mortgage on your property. In other words, you are going to take out another loan on your house based on its equity and what you can afford. So with a second mortgage, you’re not refinancing your primary mortgage or borrowing more money on that primary mortgage. Instead, you are taking out a second, smaller loan in the form of a mortgage. Do I Really Need a Second Mortgage? Whatever the reason, a second mortgage in Toronto is one of the options that can be explored to fund your financial need.…
Posted on
August 13/2018By
northwood
For most households in America, debt can be a major problem. This is especially true for people who have credit card debt on top of their mortgages, student loans, and car loans. The average household in the U.S. has more than fifteen thousand dollars in credit card debt. As of 2015, an average interest rate of more than 13% was paid on this debt. There are many credit cards that charge even higher interest rates for these high unpaid balances. Refinancing your mortgage is one way to help with managing debts, both of the secured and unsecured variety. When you refinance your property, you may be able to pay off your mortgage sooner. You may also be able to pay off outstanding credit card debt and make payments on any overdue bills. Refinancing to Lower Mortgage Rates Over the past few years, mortgage rates have been at historic lows. In…
