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How to Get a Second Mortgage in Ontario

Posted onSeptember 28/2022By

Homeowners looking for loans have an untapped resource in the form of a house. Getting a second mortgage in Toronto is one way to obtain a large loan at a good rate. A second mortgage is precisely what it sounds like—a mortgage loan based on your first mortgage loan. Canadian homeowners can borrow up to 80% of the value of their home minus the amount owing on the initial mortgage. At Northwood Mortgage, we work with homeowners across Ontario, providing various services as mortgage brokers. One of the services that we offer is second mortgage solutions. Here, we’ll take a…

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Comparing Fixed and Variable Mortgages

Posted onJuly 12/2021By

Deciding on a mortgage rate can feel a bit stressful. Whether you pick a fixed or variable rate, it has a big impact on how much you pay over the long term. While some people may advise you to pick one over the other, what may seem right to them may not be right for you. To decide the rate option that fits you best, it’s important to understand the difference between fixed-term mortgage rates and variable ones. Fixed-Term Mortgage A fixed-rate is one that stays the same throughout the life of the loan. While it is usually higher than…

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4 Key Differences of Open vs. Closed Mortgages

Posted onMay 08/2020By

Now that you have decided to buy a house, the first question most home buyers want to be answered is: “What is the best mortgage for me?” It seems easy to get mortgage approval because you meet all the requirements, right? Not exactly. When it comes to choosing a mortgage that’s right for you, there are many possibilities. In this latest article, let’s highlight four key differences of open vs. closed mortgages for you to review. 1. Duration of mortgage One of the differences between open and closed mortgages is the duration. Open mortgages are usually short-term periods that last…

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Are Mortgage Interest Rates Going up or down in 2020?

Posted onNovember 04/2019By

For the larger part, interest rate forecasts are simply educated guesses, which means that analysts may change their opinions depending on several factors, including the strength of economic growth. For instance, when economists are uncertain about the direction the economy is going, then they may predict flat rates. The Bank of Canada (BOC) tends to raise the Bank Rate (the rate at which banks borrow from the BOC) when the economy is responding positively, and lower them in times of recession as a way to stimulate the economy. While economists were expecting rates to stay flat until mid-2020, their predictions have changed; they are now expecting the rates to drop owing to an economic slowdown. Changing Economic Forecasts In the first quarter of 2019, the Bank of Canada (BOC) predictions for 2020 were somewhat optimistic with expected growth of 1.2% for the rest of 2019, and then an increase to…

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Can I Afford a Mortgage on My Salary?

Posted onOctober 14/2019By

Many people who are thinking of buying a home will wonder if they will be able to purchase the home of their dreams with their current salary. They may then turn to a local mortgage qualifier to determine if they can buy a home with their current income. It should also be noted that every person’s situation is different. Some people may have more stringent budgets due to financial dues and substantial expenses, while others may have a large amount of capital to work with from the beginning. Here, we will help you determine if you can afford a mortgage on your salary using a mortgage qualifier in Toronto. The First Step When you decide to buy a home, many steps are involved, and it is a lengthy process. The first thing you should do is determine how much capital you can borrow for your mortgage. The goal is to…

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