Home & Commercial Mortgage Services - Northwood Mortgage
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8 Tips for a Mortgage Renewal

Posted onFebruary 22/2021By

Most homeowners will need to renew their mortgages at least once before they fully pay off the loan. This just means you take the money you still owe on your mortgage and renew it for another term. Going for an auto-renewal option may seem like the most convenient way to handle it, but it is not always the right decision. Renewing your mortgage is an opportune time to try and get a lower interest rate or added options to your mortgage. Sometimes, this involves a little extra effort on your part. Here are 8 tips you can use when it…

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What Is a Conventional Mortgage?

Posted onFebruary 15/2021By

Canadian homebuyers can easily be confused by the number of different options and types of mortgages. In particular, in the banking industry, there are mortgages that are called conventional mortgages, which are different from high-ratio mortgages. What type of mortgage is best for you and which one you qualify for depends on your down payment and how much you are going to borrow to buy your home. Because of the variety of options, it is important to talk to a mortgage specialist who can help you decide the best loan for you. A Conventional Mortgage Homebuyers who are paying 20…

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Does My Business Need an Industrial Mortgage?

Posted onFebruary 08/2021By

If your business is looking to expand, you may be in need of a mortgage to help pay for a new space. For building purchases that are larger than average, such as warehouses, storage units, and manufacturing plants, you’ll need to apply for an industrial mortgage in Toronto. What is an industrial mortgage? An industrial mortgage is a financial loan that has been created to cover large building purchases where manufacturing or other related work happens. It differs from a commercial mortgage, as an industrial mortgage is not used to buy a property that has housing units. A commercial mortgage…

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What to Consider Before Getting Mortgage Life Insurance

Posted onFebruary 01/2021By

Getting a home in Canada is a big responsibility. It is one of the largest investments you’ll make in your life, and your mortgage payments will be one of the biggest financial obligations you’ll have. Protecting your home and family is important—that is where mortgage life insurance comes in. What is mortgage life insurance? Paying your mortgage is essential to keeping the roof over your head. However, in case of your death, will your family be able to make those payments? Mortgage life insurance can help your family keep their home. If you pass away, mortgage life insurance will step…

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