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How Ontarians Can Pay off Debts Fast With Home Equity

Posted onAugust 31/2022By

Life is expensive. Many homeowners look to their mortgage to reduce monthly costs and breathe easier regarding spending limits. Sometimes this means a second mortgage in Toronto. If you own a home in Toronto and have been paying for it diligently for several years, you’ve likely begun to develop some equity. This equity can be used in the form of a second loan. At Northwood Mortgage, we serve clients across Ontario in a variety of mortgage needs, including adding a second mortgage in Toronto. Here, we’ll talk about paying off debts using home equity, and how you can get started.…

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Looking To Reduce Expenses? Your Mortgage Is a Good Place to Start

Posted onAugust 24/2022By

The cost of living is constantly rising. Reducing monthly expenses reduces the risk of overspending. One way to cut back on spending is looking to the best mortgage rates in Toronto. Your mortgage likely takes up a large chunk of your monthly payments, along with vehicles and insurance. Reducing mortgage costs can vastly improve your annual expenditures overall. At Northwood Mortgage, we work with clients across Ontario, customizing mortgages to fit your lifestyle. We understand that no two homeowners are the same, and therefore, your mortgage should be bespoke to your needs. Here, we’ll talk a little bit about reducing…

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Everything You Need to Know About Foreclosure in Ontario

Posted onAugust 17/2022By

Nobody plans on dealing with foreclosure when they apply for a mortgage in Toronto. Unfortunately, it’s one of the possibilities for homeowners who fail to meet mortgage obligations. At Northwood Mortgage, we strive to ensure our clients receive the best possible mortgage in Toronto for their individual needs. This reduces the chances of missed payments or other contract reneging. Of course, the best offense in mortgage repayment is information. Knowing your role as a borrower, and the potential impacts of missed payments simplifies the mortgage process. Here, we’ll go over foreclosures in Toronto, what they entail, and how to avoid…

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Is a Reverse Mortgage Right for You?

Posted onAugust 10/2022By

Today’s homeowners are challenged with finding a low mortgage rate in Toronto. This makes it harder for homeowners to pay off debts or invest in large projects or renovations. Fortunately, for Canadians over 55 years of age, a reverse mortgage might free up some funds. At Northwood Mortgage, we serve clients across Ontario through various services, including reverse mortgages. Here, we’ll walk you through the details of a reverse mortgage, how it works, who is eligible, and whether it might be an option for you. What is a reverse mortgage? A reverse mortgage is a secured loan for Canadian homeowners…

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