Printable View
Hi! Its something about renewal of mortgage. I've already taken a mortgage for home from a private company Northwood mortgage( Toronto ). Happy with their service. I've got plans to renovate my house. Also thinking of renewing my mortgage. I would like to increase the amortization period. Any advice while considering a mortgage renewal?
You are best to contact your broker at Northwood if you are happy with them.
If you have a private mortgage, I'm guessing you had some credit issues. . . .which hopefully Northwood is helping you to resolve.
Hey Hi, Northwood mortgage is also good company. But my suggestion is compare Northwood mortgage service and mortgage rate with other company. like Canadalend.com is also one of the trusted source for mortgage renewal.
Refinancing can help you in many situation. It helps to build your financial circumstances, can help to save your money in divorce and many more. Any one going for mortgage renewal or refinancing can get some useful information from this article. http://www.canadalend.com/blog/this-...circumstances/
Do you work for Canadalend? It seems like every reply you give you are pushing this company.
Yes, this seems quite obvious and is getting very close to just being spam posts.Quote:
Originally Posted by Colsgirl
Anytime you use refinancing to pay debt or get out of a financial situation is very serious and should be accompanied by solid advice from a "reputable" advisor. We all have to make a living but a reputable advisor will put client interests ahead of their own.
Frankly, I find this rewards itself eventually anyways. People are so sick of being taken advantage of by the greed of others. . .
Exactly - I deleted what I was thinking of putting after my original post because it wasn't polite ;)Quote:
Originally Posted by MortgageQueen
Refinancing is often bad news because the person who refinances often cannot afford to and they end up paying interest on interest. :(
That's not to say refinancing isn't a good idea when you're stuck paying huge credit card rates, but there needs to be a plan to "not" go back to the same place again. Too many people use their house as an ATM. :(Quote:
Originally Posted by Colsgirl
That only works when someone is disciplined enough to either not use the cards again or cut them up. In the last 30 years I have lost track of the number of people who have refinanced to clear credit card debt, only to rack it up again and have them maxed out - but with a higher mortgage because they have already refinanced.Quote:
Originally Posted by MortgageQueen
It's also a good idea for these people to have automatic debits to accounts for specific items such as Savings, Emergency, and household maintenance. These accounts should not have a debit card.
Looks like the rates will go down a further 0.25 % by the end of the year from Bank Of Canada (BOC), the way things ( recession ) are going.
Unfortunately the commercial banks due to the bond rates sometimes don't pass the full savings to the customer. So if the BOC reduces it by 0.25 %, the commericla banks only reduces their MTG rates by 0.10 %.
Variable rates might be a good thing for atleast the next couple of yrs, don't see the rates going up due to recession & oil prices any time soon.