mortgage holders

Northwood Mortgage: Top 10 Things You Should Consider Before Renewing Your Mortgage

May 4th, 2012 at 01:18am Under mortgage refinancing

To the over 65% of Canadian mortgage holders who do not search for the best and most appropriate mortgage come renewal time, this article is not for you. To the rest of you, please continue reading. There are things to consider before your mortgage renews. Of course rates are a consideration but you haven’t got any real control over that. Your credit history and history pretty much identifies the risk level you are. There are other more personal considerations. Here is the top 10

1)Have You Explored All of Your Options?

There are prospects in the market place that may better meet your needs.

2)Are You Happy With Your Payments?

Tags: Amortization, Amount Of Time, Best Mortgage Rates, Canadian Mortgage, canadian mortgage rates, Cash Flow, credit history, Flexible Terms, Fluctuations, georgian mortgages, home equity, Kids Education, Mortgage Amortization, mortgage holders, northwood mortgage, Personal Considerations, Prospects, Refinancing Rates, Renewal Time, Renovation, Risk Level, Standpoint, Term Mortgage

By allanmadams Add comment

Loan Modifications Run into Trouble in Under a Year

February 25th, 2010 at 03:20am Under mortgage refinancing

A Big Push for Little Results

Last year, the federal government pushed lenders very hard to rework deals for thousands of mortgage holders. The drop in home prices almost collapsed the market. The feds wanted to do something for the individual homeowner and developed the loan modification program. Under this program, lenders were supposed to re-work mortgages to lower payments, principle, and/or interest rates whenever possible. A lot of homeowners qualified for a 20% reduction or more. It looked like good news for borrowers and the economy, too. However, according to the Office of Thrift Supervision, 40 percent of the borrowers who received a 20 percent reduction in monthly payments were delinquent again in less than a year. The news follows President Obama’s recent lash of the tongue at the expense of the banking industry, for not doing enough. The higher rate of default, post-modification, could justify caution among banks.

Tags: 75 billion dollar program, loan modifications, mortgage holders, the federal government, the unemployment rate

By allanmadams Add comment