Posted on
January 08/2019By
northwood
If you embrace a philosophy of growth and self-care, you’ll want to, as Oprah Winfrey says, “Live your best life.” Even with mistakes, you’ll know at the end you really did make the best effort for yourself, your partner and, if you have them, your kids, too. Second Mortgage in Toronto Sometimes, living your best life isn’t difficult, especially if it means spending time together and enjoying a good meal. But if it’s something that costs money, then you may be looking at securing a loan or getting a second mortgage. If the value of your property has increased since you bought it, then you have what’s called equity in your home. Getting a second mortgage in Toronto is certainly a viable option. A second mortgage means that you can borrow money based on the value of your property. Your home acts as security against the loan. What is a…
Posted on
December 14/2018By
northwood
When it comes to renewing your mortgage there are numerous factors to consider. And with so much financial jargon and so many changing dynamics, your mortgage renewal can seem pretty overwhelming. Sometimes, having a few key pieces of information can be crucial, and arming yourself with just a little bit of industry knowledge can ensure that you’re in charge of your financial future. If you are planning on a mortgage renewal in Ontario, then the tips below should provide some of the extra help you need. Perform the Proper Rate Research Take the time to compare and contrast what you…
Posted on
November 07/2018By
northwood
If you own a home in Canada then you have probably have heard of a second mortgage at some point in your life. A second mortgage is similar to a first mortgage, in that it is a loan secured by your property. As time passes you will accumulate more and more equity on your property. A second mortgage is primarily intended to use the equity that you’ve accumulated over the years. According to a report by Business Insider, almost 2 million Canadians have a second mortgage, and nearly as many that have a HELOC. Some Canadians will use their second…
Posted on
July 10/2018By
northwood
When it comes to your first mortgage in Toronto, there are many other costs and expenses that arise which are above your monthly mortgage payment. There are a number of one-time, hidden expenses referred to as “closing costs” that your mortgage experts should inform you of so you are fully prepared. Many potential home buyers are blindsided by a number of things that come their way when buying a home, but you don’t need to be one of them. To help you navigate the world of mortgages, here a few fundamental key points about the mortgage industry such as APR, rapidly fluctuating mortgage rates, refinancing, and low down-payment mortgage loans. It’s a lot to take in, and these seven mortgage facts might just give you the advantage you need when shopping for your perfect home, or looking to refinance your mortgage. Fact 1: APR is an acronym for “annual percentage…
Posted on
December 27/2017By
northwood
While a mortgage and a deed of trust do work similarly, it’s important to know there are significant differences between the two. These differences are especially important in the case of foreclosure, The biggest difference between the two are the amount of parties involved in each contract. In a mortgage, there are just two parties: the borrower, and the lender. In a deed of trust, however, there are three: a borrower, a lender, and a trustee. In a traditional mortgage, whether fixed rate or variable, the borrower holds the title to the property, though the home is still collateral in the mortgage loan. In a deed of trust, the trustee temporarily holds the title on the property and hands it over to the borrower once the loan is repaid in full. A mortgage and a deed of trust will only really affect the homeowner should the homeowner default on their…
