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When Should You Get a Mortgage Broker?

Posted onApril 29/2022By

For first-time home buyers and those not used to the mortgage system, enlisting the expertise and assistance from a mortgage broker is a great way to not only improve your knowledge of the housing industry but to also find the best contracts and rates available to you. While there has been some speculation in recent years that some brokers may not act in their clients’ best interests, as a whole the industry is beneficial and often a necessary step many homeowners take during their first purchase or mortgage. Today, we’ll cover some of the advantages and disadvantages of mortgage brokers…

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The 4 Most Important Questions to Ask Your Mortgage Broker

Posted onFebruary 21/2022By

Working with a mortgage broker is the best way to find the home you love at the rate you can afford—if you ask the right questions. At Northwood Mortgage, we want to ensure you get the best value from your broker. For this reason, we recommend asking the following questions: How long is my term to maturity? Should my mortgage be open or closed? Should my mortgage be fixed or a variable rate? Am I getting the best options? Let’s begin with the first most important question. 1. How long is my term to maturity? In Canada, mortgages are structured…

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What to Look for in a Mortgage Broker

Posted onMarch 08/2021By

When it comes time to buy your home, don’t make your bank your only stop. If you want to uncover a wide variety of options and mortgage opportunities, you’ll want to talk to a mortgage broker. Also called “mortgage advisors”, these professionals are like the middle person between you, the homebuyer, and different lenders. One of the main advantages of going through a mortgage broker is that they are connected to many lenders, which means you don’t have to settle for the mortgage your bank offers you. A mortgage broker’s job is to shop around to find you the best…

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Why You Should Consult a Broker for Mortgage Renewal

Posted onDecember 10/2018By

If you are planning on renewing your mortgage you may feel apprehensive about it, or even overwhelmed. For many Canadians, purchasing a home can be scary! Given the enormity of the money being borrowed, many Canadians feel afraid and avoid doing sufficient research on such an intimidating topic. That’s why we’d like to offer some guidance to ensure that your mortgage renewal goes as smoothly as possible. In particular, we recommend that you consult with a broker for your mortgage renewal, for a number of important reasons. Get Better Rates By asking a mortgage broker for help, you will be…

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Six Tips For Choosing The Best Mortgage Broker

Posted onFebruary 23/2017By

If you are currently looking for a mortgage and have decided to enlist the help of a mortgage broker, then you’ve made a smart move. The next step is ensuring that you find the best mortgage broker. How do you do this? Gather as much information as possible and ask important questions. Here are some key things you should know about the broker, as well as the ways in which you can find this information. Judge by Experience The mortgage brokerage industry does have a fairly high turnover rate, so it is important to know how long the broker has been in business. This helps to determine if the mortgage broker is a seasoned professional who has been through hard and good times, as opposed to a newbie who has just come in. Ask About Mode of Compensation Brokers are generally compensated in two ways: fees and yield spread premiums.…

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