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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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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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