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5 Tips to Lower Your Mortgage Rate

Posted onSeptember 07/2022By

Buying a new home is exciting, but sorting out a low mortgage rate in Toronto can be stressful. A mortgage gets locked in for a set amount of time, so finding the best rate early is important. At Northwood Mortgage, we work with home buyers across Ontario, offering outside-of-the-box financial solutions. Here are five tips from our experts on how to get a low mortgage rate in Toronto. 1. Consider your income-to-debt balance One of the things that mortgage brokers and lenders consider in Canada is income-to-debt ratios. This ratio tells lenders how much you earn compared to how much…

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What to Look for When Getting Your Mortgage Rate

Posted onMay 30/2022By

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…

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5 Factors That Reduce Mortgage Rates

Posted onApril 13/2022By

A mortgage is a large responsibility for any homeowner to take on, and making regular, full payments is important in order to avoid things like foreclosure, bankruptcy, or high-interest rates, which can quickly accumulate. Thankfully, if you’re experiencing difficulty regularly making payments, or if you’re simply looking for a way to pay less and save money, then there are many things you can do to reduce your mortgage rate. Today, we’ll explore 5 factors you can explore to help lower your mortgage expenses and save more. Let’s begin. 1. Understand inflation Inflation is simply the gradual increase in prices for…

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Finding the Lowest Mortgage Rates in Toronto

Posted onJanuary 24/2022By

Getting a good mortgage rate is essential. Having a low mortgage rate in Toronto can save you thousands of dollars, no matter your goals. Here are some ways that you can secure a low mortgage rate on your next application. Improve Your Credit Score A strong credit score is essential to getting the best terms and lowest rates. The higher your credit score is, the more a lender will want to work with you. Your credit rating demonstrates your responsibility with money. If you have a poor history of not paying your bills or you have high credit card debt,…

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How COVID-19 Could Continue to Affect Your Mortgage Rates

Posted onDecember 13/2021By

COVID-19 has impacted Canada’s housing market in several ways, and the effects will continue for the next couple of years. One of the most significant changes has been a drop in interest rates, which has resulted in a boom in housing sales. However, will mortgage rates continue to stay low, or will they begin to rise? And if they do go up, will real estate sales fall? While we encourage you to talk with your mortgage broker in Ontario, let’s also look at some ways that COVID-19 could continue to affect your mortgage rates. Low Interest Rates in Canada Throughout…

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