Mortgage best-buy comparison, best mortgages.#Best #mortgages


Mortgage Best Buys Beta

Unlike many other best buy tables we don’t just include broker only mortgages, we also show you the direct deals. The only mortgages that might be available that we can’t show are exclusives that are available to specific brokers.

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We think it’s important you understand the strengths and limitations of the site. We’re a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong.

  • This info does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances and remember we focus on rates not service.
  • Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
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  • Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

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Offset Mortgages – Compare The Best Offset Mortgage Deals, best mortgages.#Best #mortgages


Offset mortgages

By Mark Hooson on Monday 21 March 2016

In this Article

Offset mortgages provide a practical and sophisticated means of balancing your savings against the debt of your mortgage – and they are becoming increasingly popular among the nation’s homeowners.

What is an offset mortgage?

An offset mortgage links your savings, and in some instances your current account, to your mortgage. As a result, instead of earning interest on your savings, you pay less interest on your mortgage.

For example, if you had a £100,000 mortgage and £20,000 in savings offset against it, you would only pay interest on £80,000. However, your monthly mortgage payments will probably be based on the full £100,000 loan meaning you effectively over pay each month. As a result not only do you pay less interest on your mortgage, you will also pay it off more quickly.

Some lenders will let you reduce your monthly payments so that they are based on the value of the outstanding mortgage once the savings have been offset. However, while this may help bring down your repayments you won’t pay your mortgage off any quicker.

Offsetting can also be extremely tax efficient. Ordinarily you pay income tax on any interest you earn on savings (apart from ISAs). However, if you offset your savings against your mortgage, you don’t earn any interest so there is no tax to pay.

Offset mortgages only account for about 6% of the total mortgages although with savings rates in the doldrums because of the low Bank of England base rate, they are becoming more popular. If you are looking for a new mortgage, an offset is definitely worth considering – it won’t be the right option for everyone though.

What types of offset mortgage are available?

As with standard mortgages there are fixed and variable rate offsets available. However, most of the offset products currently available require a deposit of at least 25%.

Some deals will allow you to offset your current account as well as your savings. You may also be able to link your cash ISA. The more savings products you can link to your mortgage, the harder your cash will be working to reduce your debt. It is important to note however, that your savings and mortgage have to be with the same provider – you can’t link a savings or current account to your mortgage if it is with a different bank.

What are the advantages of offset mortgages?

With an offset loan, you pay no tax on your savings interest, and the rate you earn is the same as your mortgage rate; as mortgage rates are typically higher than easy access savings rates, you effectively get a better return.

A key benefit is the flexibility you get, as you can always retain access to your linked savings account or current account, meaning you can dip into it at a future date as and when you need to.

By contrast, if you’d used money from your savings pot to overpay your mortgage and then decided you needed some of that cash back, you would not have the same flexibility.

While offset deals are particularly beneficial to higher-rate taxpayers and those with a large amount in cash savings, lower-rate taxpayers can benefit too.

If you have savings as well as mortgage debt, an offset mortgage can offer the best of both words, as you will still be able to access that nest egg. However, you need to be aware that if you withdraw money from your savings at any point, there will be less in the pot to offset against the mortgage.

Offsetting can be an especially useful option for the self-employed who put money aside for their tax bill, as these individuals can make their money work that little bit harder – before handing it over to the taxman.

Not for everyone though.

While an offset mortgage will work well for many people, offsetting won’t be the most suitable option for everyone.

You tend to pay a slightly higher rate of interest than on a standard mortgage, although the premium has narrowed in recent years. But it means that if you don’t have much in savings, offsetting may not work out to be best value.

There is no hard and fast rule which says if you have more the £x in savings an offset is the best option – it will depend on the mortgage and savings rates available at the time.

How can MoneySuperMarket help?

In the past, borrowers opted for a standard mortgage without giving it a second thought, but as offset deals have become more affordable, an offset is now an option that’s definitely worth considering.

At the same time, as rates have fallen, more lenders have entered the offset arena – with some now offering an offset option across their whole range of mortgage products. That said not all lenders offer offsets.

One of the best ways to see what offset mortgage products are available is to use a comparison site. With MoneySupermarket you can compare the rates available on offset and standard mortgages to work out which is most suitable for you and then apply online.

And remember, when comparing mortgages it is important to factor in the arrangement fee as well as the interest rate as fees vary significantly.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Current Mortgage Rates Today – View The Best Mortgage Rates, best home loan rates.#Best #home


Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

Best home loan rates

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This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

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Best Mortgage Lender, New Home Mortgage, Police and Fire Federal Credit Union, best mortgage lender.#Best


Home purchase mortgage

Our knowledgeable Mortgage Advisors can help you select the best mortgage option to fit your needs.

Home Purchase Mortgage

PFFCU, a trusted mortgage lender, works exclusively for YOU! There are no high-pressure sales tactics, and the approval process is fast and easy.

Why We Are The Best Mortgage Lender:

  • You will enjoy the highest level of Service, Value, Convenience, and Trust.
  • We survey everyone who gets a home purchase mortgage loan. 90% of surveyed members rated PFFCU as Exceptional or Superior in the overall Real Estate experience.
  • You will save money with PFFCU because there is no application fee and our closing costs are among the lowest in Philadelphia, Bucks County and Montgomery County, PA and in Mt. Laurel, Cherry Hill and Washington Township, NJ.
  • We offer a pre-approved Mortgage Loan Commitment that you can take to your realtor to demonstrate that you are a serious buyer. Our pre-approval will make your loan processing quicker so you can close your loan faster.
  • Our experienced Mortgage Advisors provide the best personal guidance to help you get the best loan that is right for you.

If you prefer, you can call 800-486-9592 and ask to speak to a Mortgage Advisor to apply by phone or to schedule a personal appointment.

PFFCU has been a trusted mortgage lender since 1938.

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Fixed-Rate Mortgages

Available with terms of 10, 15, 20, and 30 years, a fixed rate home purchase mortgage is best for you if you want a consistent monthly payment or you plan to stay in your home for a long period of time.

Adjustable-Rate Mortgages

ARMs offer lower initial rates than fixed-rate home purchase mortgages, resulting in lower monthly payments that are especially attractive to first-time home buyers and home owners looking to buy a larger home. PFFCU offers adjustable-rate mortgages with 30-year terms where the initial APR and payment are fixed for the first 5 or 7 years, then convert to an adjustable rate, which may change annually.

No PMI Mortgage

If you have less than a 20% down payment, consider this option as a cost-effective way to avoid Private Mortgage Insurance. You may enjoy lower monthly payments, as well as a tax deduction for the interest paid (check with your tax advisor for more details).

First Time Home Buyer Mortgage

If you are a new home buyer who can t afford a large down payment but would otherwise qualify for a mortgage, our First Time Home Buyer Mortgage may be ideal for you. With as little as a 3% down payment, you can buy your first home.

If you already have an Agreement of Sale:

Trust your PFFCU mortgage lending team to handle your new home purchase with a fast and efficient process to give you peace of mind through closing.

If you do not yet have an Agreement of Sale:
  • Request your valuable PFFCU Mortgage Pre-Approval before you visit a real estate agent, begin shopping for a home or speak with any other financial institution or lender.
  • Our expert Mortgage Advisors will guide you through the process and help you choose the mortgage that best meets your needs.
  • A mortgage pre-approval qualifies you for a $250 discount coupon, that can be redeemed when you close your mortgage with PFFCU.

After you fill out our online worksheet, we will call you within one business day. We can provide you with your pre-approval within as little as three hours after we contact you, so you can start looking for your dream home sooner.

PFFCU New Home Purchase Personalized Service

For Personalized Service, apply by phone or schedule a personal appointment for your new home purchase mortgage six-days-a-week by contacting our Call Center at 800-486-9592 and one of our knowledgeable Mortgage Advisors can guide you through your new home purchase mortgage application process.

Or, visit any of our conveniently located branches in Philadelphia, Bucks County, Montgomery County, PA and NJ for your home purchase mortgage needs. Members in Washington Township, NJ area can stop by our branch on Route 42. Members in the Mt. Laurel, Cherry Hill area can stop by our branch on Lenola Road across from the Moorestown Mall.

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Already Have a Mortgage Elsewhere?

Refinance with the best mortgage lender—PFFCU and save. Find out more about mortgage refinance in Bucks County PA, Montgomery County PA, Philadelphia PA, and mortgage refinance in Mt. Laurel, Cherry Hill and Washington Township NJ.

Call Us with Questions

If you have questions or want to apply for a loan over the phone please call us at 800-486-9592.

Best mortgage lenderBest mortgage lenderBest mortgage lender

ABA Routing #236084285

Police and Fire Federal Credit Union

901 Arch Street, Philadelphia, PA 19107

©2017 Police and Fire Federal Credit Union.


The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


Housing Economic Crisis News Picks

  • Square Cash is letting some users buy and sell Bitcoin – [2017-11-15]
  • Household debt rises by $116 billion as credit-card delinquencies pile up – [2017-11-15]
  • Richest 1% own over half the world’s wealth – [2017-11-15]
  • After periodic drops of 20 percent, bitcoin tends to come back even stronger – [2017-11-14]
  • Venezuela’s Bondholder Meeting Is a Bust as S P Declares Default – [2017-11-14]
  • Ray Dalio Buys $500 Million In Gold EFTs In Q3 – [2017-11-14]
  • Subprime Auto Delinquency Is Near Crisis Levels at Non-Bank Lenders – [2017-11-14]
  • How to Break Out of Our Long National Tax Nightmare – [2017-11-13]
  • The Cattiness Of Wells Fargo Executives Rivals The Ladies From Dynasty – [2017-11-13]
  • Debt swap problems pile up in China – [2017-11-12]

Latest Posts from the ML Forum!

Go to the forum!

Imploded* Lenders™

About The Implode-o-Meter

ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

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Best mortgage lender


FHA Appraisal Requirements – Best FHA Lender, best mortgage lender.#Best #mortgage #lender


FHA Appraisal Requirements

Over the past couple of years, I have heard numerous real estate agents steer people away from FHA mortgages. Some have stated in their MLS listings that the seller will not accept a buyer with FHA financing and others have told buyers that it isn’t a good idea to get an FHA loan. All of this because they think that FHA appraisal requirements are too tough.

Yes, this used to be quite true. FHA is the first to admit that historically their appraisal requirement heavily stressed the repair of minor property deficiencies.

However, this has changed.

FHA now permits an “as-is” appraisal for homes being financed with FHA loans that have minor property deficiencies resulting from deferred maintenance and normal wear and tear. In fact, the current FHA appraisal requirements have been in place since January 1, 2006

FHA Appraisal Requirements General Rules to Remember

For an easy reference to FHA Appraisal Requirements, think of the two S’s .

Safety – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that will affect the health and safety of the occupants.

Soundness – FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that jeopardize the soundness and structural integrity of the property.

When an FHA appraisal is done on a home, they are looking to make sure that their aren t any safety hazards and that the house is structurally sound.

In Mortgagee Letter 05-48, FHA provides the following examples of minor property conditions that do not require automatic repair for existing properties:

  • Missing handrails
  • Cracked or damaged exit doors that are otherwise operable
  • Cracked window glass
  • Defective paint surfaces in homes constructed post 1978
  • Minor plumbing leaks (such as leaky faucets)
  • Defective floor finish or covering (worn through the finish, badly soiled carpeting)
  • Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
  • Rotten or worn out counter tops
  • Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post- 1978
  • Poor workmanship
  • Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
  • Crawl space with debris and trash
  • Lack of an all weather driveway surface

FHA also provided the following list of conditions that will require automatic repair for existing properties:

  • Inadequate access/egress from bedrooms to exterior of home
  • Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
  • Evidence of structural problems (such as foundation damage caused by excessive settlement)
  • Defective paint surfaces in homes constructed pre-1978
  • Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected.

These lists are not meant to be all inclusive, but they give clear guidance on the issues that are and are not a concern to FHA.

If you are interested in buying a house and you want to use an FHA loan for financing, don t let common misconceptions about FHA Appraisal Requirements misguide you.

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112


How To Get the Best Mortgage Rate, best mortgage rate.#Best #mortgage #rate


How to get the best mortgage rate

The day has come: It’s time to buy a home.

But, the average home costs more than $260,000, and since you likely don’t have that kind of cash sitting in a savings account, you’ll need to borrow most of that amount from a lender and spend a decent portion of the rest of your life paying it back, plus interest.

Your mortgage interest rate, then, is a big deal. Lower your rate by a percentage point or two, and you’ll save hundreds of thousands over the course of the loan.

Here’s how to get the best mortgage rate.

Get the best rate

1. Improve your credit score. A higher credit score shows banks that you’re less of a risk to default on your loan, which means you’ll pay less to borrow money. How much less? Borrowers with the highest credit range, from 760 to 850, looking for a 30-year fixed mortgage would pay $164,000 in total interest, according to myFICO.com, or about $33,000 less than someone with a mediocre score of 660 to 679.

If you need to improve your score, make sure you’re spending no more than 20 to 30 percent of your available credit limit, not carrying credit card debt and paying all your bills on time. Also, get your free credit reports from AnnualCreditReport.com or myBankrate, and look for any mistakes.

2. Have a record of employment. Banks also think you’re less of a risk if you can show at least two years of steady employment and earnings, especially from the same employer. They’ll want to see pay stubs and W-2s. Those who are self-employed, or wrapped up in the gig economy, will have a more difficult time.

3. Cough up some cash. You’ll generally score a lower mortgage rate if you put more money down, with 20 percent being the gold standard. Lenders, of course, accept a lot less than that, but you’ll often have to pay private mortgage insurance, which can range from 0.5 to 2.25 percent of the original loan amount per year. You’ll also want to have two to three months’ worth of cash reserves in a savings account.

Check out other rate options

America’s love of the 30-year fixed-rate mortgage is rare among developed nations, and it may not be the best loan for you.

4. Go short. An adjustable-rate mortgage with a five- to seven-year low-interest introductory period may make sense for you – but only if you’re looking to sell the house and trade up quickly, aka less than five to seven years. The average mortgage rate for a 5/1 ARM is 3.47 percent as of Aug. 30, compared with 3.97 percent for a 30-year fixed.

5. Go medium. If you’ve found your dream home, or just can’t bear the thought of moving again, consider a 15-year fixed-rate mortgage. The national average is only 3.2 percent. On a $260,000 loan, your monthly payments will be considerably higher ($1,821 vs. $1,237 for a 30-year fixed), but you’ll save $120,000 in interest.

6. Shop around. When searching for the best rate, even for refinancing, you want to play the field. That means not settling with the financial institution where you normally bank. Research online.

Be ready

7. Move quick. While the yield on 10-year Treasuries, which mortgage rates are pegged to, remains low, the Federal Reserve’s decision to unwind its trillion-dollar balance sheet might raise longer-term rates over the next year or two. Home prices are rising quickly, thanks to a tight housing market, so you’ll have to act fast.

8. Lock in. After you sign the purchase agreement and have secured your mortgage loan, ask your lender how long it usually takes to process the loan and see if they will lock in your rate. This sometimes comes with a fee, especially if longer than two months, but it might pay for itself if you think rates may rise.


Current Mortgage Rates Today – View The Best Mortgage Rates, best mortgage loans.#Best #mortgage #loans


Current Mortgage Rates Today

Current Mortgage Rates – Mortgage Rates Today

Best mortgage loans

Mortgage 101: A Mortgage Resource Guide

This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

Latest Mortgage Information

Best mortgage loans

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Many Americans have been affected by the recent economic crisis. Millions of homes have gone into foreclosure, and millions of families have lost their homes. If you are at risk for losing your home, the good [Read More. ]

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Best mortgage loans

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Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

Best mortgage loans

Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

One of the key aspects of finding a good mortgage loan is determining what type of mortgage term works out best for you. Long-term mortgage loans seem more attractive at first glance because the monthly payment is much smaller, but if you factor in the larger interest rate, [Read More. ]

Best mortgage loans

How the Current Government Shutdown is Affecting FHA Mortgages

The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

Best mortgage loans

Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

Best mortgage loans

What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

Best mortgage loans

What Are the Typical Home Equity Loan Requirements

Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of [Read More. ]

Best mortgage loans

Pros and Cons of Home Equity Loans

Home equity loans allow homeowners to take out a loan using the equity accumulated in their home as collateral. Home equity loans give you quick access to money that can be used for a home remodeling project, medical bills or college tuition. A home equity loan can be more [Read More. ]

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Is it Possible to get a Home Equity Loan With Bad Credit?

Getting a home equity loan with poor credit is more difficult, but not impossible. Before you decide to make improvements to your home or decide that you need some quick cash, you need to find out if a lender is willing to give you a home improvement loan and how your loan [Read More. ]


Best Variable – Fixed Mortgage Rates Toronto, Home Mortgage, Northwood Mortgage, best rate mortgage.#Best #rate


Our Best Home Mortgage Rates Toronto – Fixed Variable

Our lowest mortgage rates change frequently as we often receive short-term rate promotions daily. These promotions are never posted online. Meet with one of our Mortgage Agents to get the best mortgage solution for you!

Specials

  • 10 Year Fixed Rate Special 3.94% Your last mortgage ever
  • 5 Year Variable rate mortgage Insured at Prime .95% (2.25%)
  • Open line of Credit at Prime + .50% (3.70) some conditions apply

Many of our rates can be guaranteed for up to 4 months! This means if you secure a mortgage in April, the rate is guaranteed until August

If you are buying a home (in Canada) now, or switching from a current lender, you can secure these rates NOW by contacting us today.

Rates subject to change without notice and OAC Some Conditions Apply

Mortgage Rates

When mortgage rates change, it can happen quite quickly. So when it comes to mortgage, timing is everything. Be sure to secure your loan while rates are favourable in order to get the best deal possible. Also, if you are looking to buy a home or you are thinking about changing from your current lender, you ll want to do your research before you make any final decisions.

Remember, all mortgages aren t created equal, so it s important to compare mortgage rates and to go with a company that you trust. The terms and conditions of mortgages vary, as do the interest rates. A mortgage should be set up to fit your needs as much as possible. We want to equip you with the knowledge you need to make the best decision.

What is an open mortgage?

An open-term mortgage is an appealing option to those who plan on paying off their mortgage sooner rather than later. This type of mortgage can be repaid fully or partially at anytime without prepayment interest fees. If you want to convert them to another term, you are able to do so at anytime again without prepayment interest fees. The interest rates for open mortgages tend to be higher than those of closed mortgages because they have such flexibility.

What is a closed mortgage?

A closed-term mortgage is the common choice for people who aren t planning to pay off their mortgage in the near future. The interest rates for closed term mortgages tend to be lower than that of open mortgages. With closed term mortgages, you re able to save on interest costs and hopefully this will help you to pay your mortgage back quicker. Fixed or variable options are available for closed term mortgages but there s a restriction on the principal amount that you can pay towards our mortgage each year.

If you want to renegotiate your rate, you will need to pay a prepayment charge. In addition, you will need to pay this prepayment charge, if you want to pay off the balance of your mortgage before the end of the term or if you want to prepay more money than your mortgage will allow you to.

Prepayment Charges

With prepayment charges you have the flexibility to increase your monthly payments or to pay the whole thing off. Contact our team of experts to find out more about prepayment options.

Comparison: Variable vs. Fixed Mortgage Rates

Fixed Mortgage Rates

More than 50% of Canadians have fixed mortgage rates, which means the monthly payment stays the same over the full term. You are protected against fluctuating interest rates, so it can set up and you don t have to worry about it. If you want stability this is the best option for you.

Variable Mortgage Rates

With a variable mortgage, your rates are typically lower but they will vary over the term. Your payments will be based on market behaviour and this will have an affect on how much you are paying. The amount that you are paying will change over time.

What We Offer:

At Northwood Mortgage, our dedicated and knowledgeable staff are able to provide you with our best mortgage rates.

Call us today at 1-888-492-3690 for more details.


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