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Mortgage Tips

Mortgage qualification is usually something that first-time homebuyers bother about, and it causes stress and financial destruction down the line. Nevertheless, mortgage qualification problems can be avoided, as can many common mortgage blunders that many first-time homebuyers make in efforts to own the home of their dreams. Here are some of the most common mortgage mistakes that you should never make along with a few tips for the mortgage payment.<br>For more info: https://www.northwoodmortgage.com/mortgage-calculators/mortgage-qualifier-calculator-ontario/

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Mortgage Tips

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  1. MORTGAGE TIPS MORTGAGE TIPS Mortgage Mistakes You Should Never Make

  2. Mortgage Qualification MORTGAGE QUALIFICATION Mortgage qualification is usually something that first-time homebuyers worry about, and neophytes will often make mistakes that can cause stress and financial ruin down the line. HERE ARE SOME OF THE MOST COMMON MORTGAGE MISTAKES THAT YOU SHOULD NEVER MAKE. 02

  3. Becoming Impoverished Over Home Ownership INVESTING MONEY INTO HOME-RELATED EXPENDITURES Many new home buyers will make the mistake of investing most of their money into home-related expenditures to pay it off faster and increase its real estate value for resale. The golden rule is to spend less than 28% of your income (before tax) on home-related expenses. 03

  4. Ignoring the “Real” Costs of Owning a New Home IGNORING THE “REAL” COSTS OF OWNING A NEW HOME BUYING A NEW HOME Being in certain “danger zones” will require certain forms of additional insurance. There are additional expenses that you may be unaware of. Homeownership costs will also rise each year, thanks to property taxes. 04

  5. NOT SHOPPING AROUND FOR THE BEST DEAL Not Shopping Around for the Best Deal By taking the time to compare and contrast different offers, you may be able to save several thousand dollars, if not tens of thousands of dollars, in the form of interest and fees over the lifespan of your loan. Eagerness Many first-time homebuyers are eager to purchase a new home, and may not take the time to shop around to get the best mortgage deal on the market. 05

  6. 06 Ignoring Annual Percentage Rates People choose a lender that advertises a low-interest rate without reading all of the terms and conditions of the loan. You should look into the annual percentage rate, as it will include the fees that the lender will charge, and will show you the actual total cost of the loan in question.

  7. MORTGAGE PAYMENT AN IMPORTANT FIRST STEP UPON CLOSING THE PURCHASE OF A NEW HOME IS TO PLAN FOR PAYING THE MONTHLY MORTGAGE PAYMENTS. Here are 4 tips for planning for your mortgage payment. 07

  8. 08 Consider Setting up Recurring Payments Set up monthly mortgage payments with your bank. It will take away your responsibility in having to remember the payment each month. Saves you valuable time as you juggle work and family responsibilities.

  9. 09 Review Responses to Potential Changes to Your Income Review the impact income fluctuations that could have on your mortgage payments. Plan ahead for any drop in income Analyze costs and then reviewing which items you would sell or services you would stop using if you had a drop in income

  10. 10 Alert Your Lender When Making Payment Changes Increase the amount of money you are paying on your mortgage in order to decrease the principal If you get a raise or receive a lump sum payment and you wish to place more money down on your mortgage, speak to your lender first.

  11. 11 Discuss Options with Your Lender Discuss your full range of payment options with your lender to determine how you might respond to a fluctuation in interest rates. You can safeguard your ownership rights by reviewing these options as early as possible after buying the home.

  12. MORTGAGE QUALIFIER CALCULATOR ONTARIO 12 MORTGAGE QUALIFIER CALCULATOR ONTARIO When you are planning to buy your first home, one of the first things you should do is determine how much you can afford to pay. A mortgage qualifier calculator takes you through the process of determining how much you can safely borrow. 12

  13. MORTGAGE BROKERS Mortgage Brokers IT IS BETTER TO TAKE PROFESSIONAL ADVICE OR ASSISTANCE WHEN APPLYING FOR A MORTGAGE, MORTGAGE EXPERTS CAN HELP YOU NAVIGATE THE SYSTEM AND FIND THE BEST PACKAGE FOR YOUR CIRCUMSTANCES. 13

  14. THANK YOU Thank You! For Mortgage Assistance ONLINE FORM https://www.northwoodmortgage.com/ MOBILE PHONE 888-492-3690 EMAIL ADDRESS info@northwoodmortgage.com 14

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