Posted on
June 22/2022By
northwood
Purchasing a home can be challenging, especially for first-time buyers. Depending on the housing market, saving up a down payment may be difficult. With rising house prices, down payment requirements have changed over the years. In this article, we will provide details on these adjustments to help you decide which mortgage is best for you. Loans With High Ratios vs. Conventional (Low Ratio) Loans Conventional and high-ratio mortgages depend on how much you are able to pay down. Conventional mortgages require a 20% down payment. Many people can manage a down payment of 20% with some work. In recent years,…
Posted on
June 20/2022By
northwood
In recent years, the number of private mortgages has grown dramatically because such mortgages offer unique opportunities to borrowers who find it difficult to get one anywhere else. The following are some of the benefits you can enjoy as a private mortgage lender: If you are lending money to borrowers who have been declined by banking institutions, you can charge a higher interest rate due to the risk you are taking. It is difficult to believe that private mortgage lending outperforms stocks and other traditional investments when it comes to returns. Since a property secures the loan, you can rest…
Posted on
May 30/2022By
northwood
Finding the right mortgage rate can be difficult, especially if you’re a newcomer to the industry. While there are several tools and services available for newcomers to the mortgage market, they don’t cover everything, and many will have plenty of questions that they’ll need to be answered when looking for a great rate. In this article, we’ll provide you with the knowledge you can use to narrow down your search and get the best rate possible. Let’s begin. 1. Use a mortgage calculator Mortgage calculators are fantastic tools for estimating the cost of your monthly mortgage payments. A mortgage calculator…
Posted on
May 23/2022By
northwood
Toronto is a city of often sky-high real estate prices and limited housing options, particularly for those just arriving in the city or foreign citizens trying to put down their roots. This begs the question: is it better to buy or rent real estate in Toronto? The answer depends on who you ask, as well as various personal financial considerations that you’ll have to resolve in order to establish if it’s better to rent or buy under your current financial situation. While buying a home provides the obvious benefit of giving you shelter and a place to live, there are…
Posted on
May 16/2022By
northwood
While there are tons of mortgage options all across Canada, one of the most common in Toronto is the fixed-term mortgage. There are several different reasons for this rate type’s popularity, with the main draw being that the mortgage holder’s interest rate remains the same for the entire term of their mortgage. This differs from variable-rate mortgages, which can sometimes offer low down payments or better insurance premiums but have flexible, changing mortgage rates. For those with a set budget and who may live paycheck to paycheck, a fixed-rate mortgage might be what works best for you. Before we dive…
