November 2018 | Northwood Mortgage

Financing for Commercial Real Estate Projects in Canada

Posted onNovember 14/2018By northwood

Financing for a commercial real estate in Ontario

Obtaining a commercial mortgage in Ontario will allow you to either expand an existing property or purchase an altogether new property. Business debts can also be consolidated via a commercial mortgage in Ontario. However, the procedures or steps that are involved in getting a commercial mortgage are quite different from the steps required to qualify for a residential mortgage. It should also be noted that the interest rates for commercial mortgages tend to be much higher than their residential mortgage counterparts, as the risks incurred tend to be far greater with commercial properties. The good news is interest rates have…

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Things You Should Know Before Going for a Second Mortgage in Toronto

Posted onNovember 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…

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