Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



5 Ways Credit Rating Is Vital for Small Business Financing

Posted onAugust 06/2018By

The small business market is a highly competitive sector of the economy. Securing a favourable financing arrangement is an important factor in starting the business, and in continually growing the business. One thing your business should aim for is qualifying for an interest rate on the lower end of the spectrum. As well, consider the duration of the financing arrangement and the frequency of payments. Another significant aspect is whether the arrangement allows for intermittent lump sum payments, which can lower the term length of the loan. Whichever financing arrangement you choose, these five points below will help guide you to a better understanding of how credit rating is vital for small business financing. Get funding to grow During the process of setting up your small business financing, ensure that the total amount covers not only the expenses needed to start the business, but also expenses you are projected to…

Read More
0 Comment

How to Build Your Credit Rating Without Getting a Credit Card

Posted onJuly 17/2018By

Studies project that one out of every three millennials will never own a home. The projections indicate that this population segment of millennials will still be renting apartments or housing when they retire. Housing prices are soaring, which means that the sizes of a potential deposit are soaring as well, and the cost to rent a home or apartment is spiralling out of control. Millennials, the generation typically defined as the people born between the 1980s and the late 1990s, don’t have the economic means to enter the real estate market. Even more troubling, an alarming number of millennials have a poor credit score — or no credit rating at all. This can add yet another barrier to potential homeowners. Some millennials have poor credit scores even though they are consistently making monthly rent payments. An Explanation of Credit Ratings A credit rating, in its simplest definition, is a number…

Read More
0 Comment

7 Mortgage Facts You Need to Know

Posted onJuly 10/2018By

When it comes to your first mortgage in Toronto, there are many other costs and expenses that arise which are above your monthly mortgage payment. There are a number of one-time, hidden expenses referred to as “closing costs” that your mortgage experts should inform you of so you are fully prepared. Many potential home buyers are blindsided by a number of things that come their way when buying a home, but you don’t need to be one of them. To help you navigate the world of mortgages, here a few fundamental key points about the mortgage industry such as APR, rapidly fluctuating mortgage rates, refinancing, and low down-payment mortgage loans. It’s a lot to take in, and these seven mortgage facts might just give you the advantage you need when shopping for your perfect home, or looking to refinance your mortgage. Fact 1: APR is an acronym for “annual percentage…

Read More
0 Comment

What to Expect from the Housing Market This Summer

Posted onJune 20/2018By

Predictions for the summer real estate market are ever-present during the summertime news cycle. It’s important to know which predictions to listen to, and which ones are just blather. It’s also important to understand how to interpret reports of trends received from reliable sources, including the implications for the housing market as a whole. The real estate industry and the economy have undergone dramatic shifts in recent years, so staying up-to-date on the market is particularly vital during times like these. If you want to have a competitive edge, you need to make sure you know what trends are happening. Is it a buyer’s market, or a seller’s market? Is the market saturated with condos, single-family homes, or other types of dwellings? Is there a dearth of properties available in certain regions? Understanding the constantly shifting market is difficult, because the key is to understand not just what a particular…

Read More
0 Comment

You Now Need a $100k Income to Buy a Condo in Toronto

Posted onJune 13/2018By

If you want to buy a typically sized condominium in Toronto, you need to have at least $100,000 in annual income. A year ago at this time, you only needed to make $77,000 annually. Where has this change come from, and what does it mean for the market at large? These are the quick facts: The rents for condos have gone up 10.7% over the past year because fewer people are buying homes One-third of potential buyers have given up looking and resigned themselves to renting There might be a light at the end of the tunnel for potential home buyers The Overall Situation If growth continues at this rate, it might be impossible for the middle or lower classes to own a home in Toronto. Home ownership will become a privilege reserved exclusively for the very wealthy. If homeowners only needed $77,000 to own a home last year, and…

Read More
0 Comment

ReCENT POSTS

CaTEGORIES

ARCHIVES

Subscribe to RSS Feeds



Top