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5 Things You Need to Know About Mortgage Investing

Posted onApril 26/2021By

Since the beginning of the pandemic, the real estate market in Ontario has experienced fluctuations in interest rates. This has many Canadians curious about mortgage investing. Mortgage investment services in Ontario include mortgage investment corporations (MICs), which are considered private lending institutions that manage your investments. First, let’s take a closer look at how MICs operate, and then we’ll list 5 important things you should know about mortgage investing. How do mortgage investment corporations work? Think of mortgage investment corporations (MICs) as one big pool of capital where you and other people invest money in private mortgages in Canada. The…

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What Is a Mortgage Stress Test?

Posted onApril 19/2021By

Buying a home in Canada is a long process, and with a competitive mortgage market, it has changed a lot due to the mortgage stress test. If you’re planning to buy a house in Ontario, you should get familiar with the mortgage stress test because it’ll help you break down the costs of your mortgage payments. Let’s take a closer look at what a mortgage stress test is, how it works, and how to prepare for it. What is a mortgage stress test? A mortgage stress test is used to determine how much you can afford for your mortgage. The…

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5 Easy Steps for Refinancing Your Mortgage

Posted onApril 12/2021By

If you’re struggling to pay your mortgage because you’re in between jobs or facing economic hardships due to the pandemic, then it’s time to consider refinancing your mortgage. First, let’s define what mortgage refinancing in Ontario is and then take a closer look at 5 steps for preparing to refinance your mortgage. What is mortgage refinancing in Ontario? Mortgage refinancing means you trade in your first mortgage for a brand new one with a balance renewal. When your bank or lender agrees to refinance your mortgage, they agree to pay off the remaining principal balance on your first mortgage, while…

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5 Reasons You Should Stop Renting and Buy a House Instead

Posted onApril 05/2021By

Depending on your age and lifestyle, many people prefer to rent an apartment or condo because they plan to move to another city or country in the near future, while others prefer to rent because they don’t want to commit to a mortgage. In the long run, though, monthly rental costs can add up, as rental prices are always on the rise. Here at Northwood Mortgage, we encourage you to consider buying a home, as it comes with a handful of benefits that you don’t get from renting. Let’s take a closer look at the top 5 reasons why you…

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