Posted on
January 17/2022By
northwood Getting a home in Toronto can seem overwhelming, particularly in today’s competitive market. It’s good to equip yourself with the knowledge you’ll need to apply for a mortgage and succeed. Here are the essential things you need to know about getting a mortgage in Toronto. Save up Homebuyers need to put some money towards the house before being approved for a mortgage. A lender will not offer you the full price of the property. You’ll need to show them you are serious and responsible—plan on saving between five and 20 percent of the sale price. Remember, the more you put…
Posted on
January 10/2022By
northwood The housing market in Ontario continues to boom. Research found that supply dropped by 43 percent, causing prices to increase significantly. The average house price in Toronto is over $1 million, yet interest rates are staying incredibly low. Whether you are a home buyer, seller, or even just a property owner, there is a way that you can take advantage of the market. Let’s look at how. Benefits for Sellers The obvious benefit for sellers is increasing your asking price and fully expecting to get that or more. Real Estate professionals have noted that most homes have over ten offers…
Posted on
January 03/2022By
northwood Applying for a mortgage can be a big decision. There are many factors to consider, such as the interest rate, the term length, etc. One of the most important choices you’ll face is whether to get a fixed-rate mortgage, a variable mortgage, or a hybrid mortgage. What is a fixed mortgage? A fixed mortgage is one where the interest rate stays the same throughout. This makes it easy for homebuyers to budget their mortgage payments as the amount of interest they pay each month doesn’t change. It also protects the borrower from fluctuating interest rates, particularly when they increase. However,…
Posted on
December 27/2021By
northwood Selling your home can take a lot of time and emotional energy. The reality is that even though it’s time for you to move, you likely still have some emotional attachment to your home. This is where you’ve built many memories and spent a significant amount of your time over the years. When it is time to sell your home, however, you’ll need to prepare yourself to have strangers in your space. They’ll be investigating all the corners and crevices of your home, and they may offer you less than your asking price. Here are some tips to avoid that…
Posted on
December 20/2021By
northwood Most homebuyers need a mortgage to pay for their property. However, a mortgage won’t cover the full price of the home. You’ll need to put some money towards the purchase price from your own pocket. This is called a down payment. A down payment is usually calculated as a percentage of the purchase price. In Canada, 20 percent is what most home buyers aim for because it means you won’t need to pay for mortgage insurance. Even if you don’t have that much, though, you can still make your dreams of home ownership come true. Here is what you’ll need…
