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How to Get a Second Mortgage in Ontario

Posted onSeptember 28/2022By

Homeowners looking for loans have an untapped resource in the form of a house. Getting a second mortgage in Toronto is one way to obtain a large loan at a good rate. A second mortgage is precisely what it sounds like—a mortgage loan based on your first mortgage loan. Canadian homeowners can borrow up to 80% of the value of their home minus the amount owing on the initial mortgage. At Northwood Mortgage, we work with homeowners across Ontario, providing various services as mortgage brokers. One of the services that we offer is second mortgage solutions. Here, we’ll take a…

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How Your Credit Score Affects Your Mortgage Rate in Ontario

Posted onSeptember 21/2022By

Mortgage rates and credit scores seem to go hand in hand, especially when you’re looking for the best mortgage rates in Toronto. The higher your credit score, the better your mortgage rate. At Northwood Mortgage, we work with home buyers across Ontario. We know the ins and outs of Toronto mortgages better than most. We work with clients to help them achieve the best possible rates from available lenders. In this article, we’ll talk about how your credit score impacts a mortgage rating and what you can do to improve it. What is a credit rating, and how is it…

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The Mortgage Approval Process in Canada: A Step-By-Step Guide

Posted onSeptember 14/2022By

Getting a mortgage in Toronto doesn’t need to be confusing. The process takes several steps, but when broken down, it’s easy to understand how these stages work and how to make the most of them. At Northwood Mortgage, we work with home buyers across the GTA and surrounding areas. We understand the finer nuances of the Toronto housing market. Here’s a step-by-step guide to the approval process to simplify things. The First Chat The first step in any mortgage approval process in Canada is the meet-and-greet or first chat on the phone. This is when you speak to a broker…

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5 Tips to Lower Your Mortgage Rate

Posted onSeptember 07/2022By

Buying a new home is exciting, but sorting out a low mortgage rate in Toronto can be stressful. A mortgage gets locked in for a set amount of time, so finding the best rate early is important. At Northwood Mortgage, we work with home buyers across Ontario, offering outside-of-the-box financial solutions. Here are five tips from our experts on how to get a low mortgage rate in Toronto. 1. Consider your income-to-debt balance One of the things that mortgage brokers and lenders consider in Canada is income-to-debt ratios. This ratio tells lenders how much you earn compared to how much…

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