Are you considering getting a mortgage? It can be intimidating or overwhelming to consult with a lender if you’re unsure how much of a mortgage you can afford.

Yet, nowadays, many great tools can help you determine how solid your financial situation is before you even connect with a potential lender. That’s why taking advantage of Northwood Mortgage’s online calculators is essential.

1. Mortgage qualifier calculator

The purpose of a mortgage qualifier calculator is to help you determine if you can qualify for a mortgage on the Ontario property you want.

To use the calculator effectively, you’ll need to provide a variety of information about the property you’re interested in, including how much the asking price is and either what your income is or how much of a down payment you can provide.

2. Mortgage payment calculator

A mortgage payment calculator can help you determine what your mortgage costs will look like under various circumstances. You can change the following information in a mortgage payment calculator to see how it would impact your mortgage payments:

  • Total loan amount.
  • Interest rate.
  • Amortization period.

You can also use a mortgage payment calculator to help you develop a plan to pay your mortgage off faster.

3. Ontario land transfer tax calculator

The Ontario land transfer tax is another cost you must factor in when buying a property. You may be eligible for a rebate on your land transfer tax if you’re a first-time homebuyer.

The only information you need to calculate your estimated land transfer tax is the purchase price of the home you’re buying. Remember, if you’re buying a home in Toronto, you’re looking at an additional transfer tax.

Our Goal Is To Help You Obtain An Affordable Mortgage

At Northwood Mortgage, our primary goal is to help you obtain an affordable mortgage.

We want our customers to feel informed about their mortgage choices, so we provide access to several mortgage calculators, including a mortgage qualification calculator that can help you determine what kind of Ontario home you can qualify for.

Yet, that’s just the first step on your journey to home ownership. After you’ve calculated what you can afford to buy, it’s time to contact our mortgage experts. We can work with you to turn your dream into reality – and are happy to explain every step of the mortgage process.

To get started, call us at 888-257-8130 or contact us online.