Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



What You Need to Know About New Mortgage Rules in Ontario

Posted onMarch 28/2019By

In January 2018, Canada‚Äôs new mortgage rules came into effect. These new terms mean that borrowers may be burdened with the need to prove they are capable of paying higher interest rates than those in their lending contract. This stress test will apply to borrowers who have a smaller down payment and those in need of mortgage insurance. Research by the Bank of Canada showed that about 10 percent of Canadians who were approved for a mortgage without insurance between 2016 and 2017 would not qualify under the new rules. That works out to about 100,000 home buyers, according to…

Read More
0 Comment

5 Things to do Before Applying for a Commercial Mortgage

Posted onMarch 20/2019By

Applying for a commercial mortgage is different from a regular home mortgage because there is a piece of commercial property involved that acts as a piece of collateral to secure the loan. This property could be an office, warehouse, apartment building, mall, etc. In these types of arrangements, borrowers can often get a lower interest rate because the loan is seen as secure. Commercial mortgages can also come with longer terms and a bigger loan amount because the property is considered a fixed asset, which means it does not depreciate over time as with other items, such as a vehicle.…

Read More
0 Comment

Renew Your Mortgage the Right Way

Posted onMarch 12/2019By

If you are contemplating renewing your mortgage then you should really consider the opportunity that is before you. There are many things that may have changed since you first took out the mortgage. You may be looking to use your home equity to fund a renovation project on your home. Alternatively, you may want to use that equity in other ways, such as purchasing a cottage or holiday home. You may also want to make some long-term investments to secure your future. There is also the option of putting your other high-interest debts into your mortgage when it is up…

Read More
0 Comment

Benefits of Mortgage Payment Calculator

Posted onMarch 04/2019By

If you have been hesitant about buying a home because of the current market or you have concerns over such a big financial commitment, a mortgage payment calculator may help put your mind at ease. When it comes to making these types of decisions, the more informed you are, the better equipped you are to make the right choice. A mortgage payment calculator can help you figure out what kind of monthly payment you are able to afford. However, before you attempt to use a mortgage payment calculator you will need a few details including the asking price, annual tax…

Read More
0 Comment

ReCENT POSTS

CaTEGORIES

ARCHIVES

Subscribe to RSS Feeds



Top