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5 Reasons You Should Stop Renting and Buy a House Instead

Posted onApril 05/2021By

Depending on your age and lifestyle, many people prefer to rent an apartment or condo because they plan to move to another city or country in the near future, while others prefer to rent because they don’t want to commit to a mortgage. In the long run, though, monthly rental costs can add up, as rental prices are always on the rise. Here at Northwood Mortgage, we encourage you to consider buying a home, as it comes with a handful of benefits that you don’t get from renting. Let’s take a closer look at the top 5 reasons why you…

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6 Things No One Tells You About Buying a Home in Toronto

Posted onJanuary 25/2021By

It can be daunting for first-time homebuyers to make their way through this complex process. However, with our guidance, you’ll know more about what to expect and what to do. If you are a first-time homebuyer in the Toronto area, here are some things that will help make the process easier. Down payment. Before you even begin to shop for a home, you’ll need to save up for the down payment. The more money you can put forward as a down payment, the easier it will be to get a mortgage. It will also give you more equity in the…

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What’s the Best Time of Year to Buy Real Estate?

Posted onDecember 28/2020By

Buying a home can be an exciting time, but it can also leave you wondering when to do so. Depending on what you are looking for in a property, you may want to wait until the market is more favourable. If you are looking for the best deal, you’ll want to understand how the real estate industry changes throughout the year. Here are some ways to know when it’s best to buy real estate in Toronto. Best Time of Year to Buy a Home While there is no perfect time of year to buy a home that will suit everyone,…

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Should You Buy a House With Your Friend?

Posted onNovember 02/2020By

Buying a home with a friend can have some advantages, particularly if you are just getting into the real estate market. However, you should seek out some mortgage advice before signing the papers. The Pros of Buying a Home with a Friend There are several benefits to purchasing a home with a friend, including: Mortgage qualification. Getting a loan has become a little more difficult over the past few years. Changes to lending rules mean that lenders have higher qualifying criteria. You’ll need to have a credit score of around 680 and also place 5 percent as a down payment…

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What’s the Best Age to Start Your Home Buying Process?

Posted onOctober 28/2020By

Buying a home is one of the biggest decisions anyone can make in their life. Becoming a homeowner can help or hurt you financially, depending on your situation. While there is no perfect age to buy a home, you’ll want to ensure that you have the right financial stability before doing so. Yet, when it comes to purchasing a home, anyone who dreams of having their own property can get into the market. Considerations for First-Time Homebuyers Before you decide to purchase your first home, it is important to understand what is involved in the process. You’ll also want to…

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