Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



What Is a Mortgage Stress Test?

Posted onApril 19/2021By

Buying a home in Canada is a long process, and with a competitive mortgage market, it has changed a lot due to the mortgage stress test. If you’re planning to buy a house in Ontario, you should get familiar with the mortgage stress test because it’ll help you break down the costs of your mortgage payments. Let’s take a closer look at what a mortgage stress test is, how it works, and how to prepare for it. What is a mortgage stress test? A mortgage stress test is used to determine how much you can afford for your mortgage. The…

Read More
0 Comment

5 Reasons You Should Be Using a Mortgage Calculator

Posted onJanuary 18/2021By

While the most exciting part of buying a home is looking at houses, the most crucial part is being informed. You want to be prepared and smart about your purchase. That is where mortgage calculators come in. These are tools that can help you get a better handle on your financial situation and the type of mortgage that is best for you. 5 Reasons to Use a Mortgage Calculator Here are some of the best reasons you should use a mortgage calculator before buying a home. Extra costs. A mortgage calculator can help you understand the full impact a mortgage…

Read More
0 Comment

How COVID-19 and Other Factors are Affecting Interest Rates in 2020

Posted onMarch 21/2020By

Most economists who specialize in banking have predicted that the Bank of Canada will not change rates, except for Scotiabank. Moreover, inflation, which was reported at 2.4% in January, is on the higher side of things, and we should note that housing prices are on an upswing, according to the most recent numbers. In addition, unemployment levels are low, and all of the trends mentioned above and numbers should place some pressure on the Bank of Canada to increase rates in 2020. Here, we will delve deeper into residential mortgages in Ontario and Canadian interest rate trends for 2020. How…

Read More
0 Comment

Fixed vs. Variable Mortgage: What’s the Difference?

Posted onMarch 02/2020By

Many first-time homebuyers will need to determine if going with a fixed variable mortgage is preferable over a variable rate mortgage. Given the fact that many houses in North America cost upwards of $1 million in many of the world’s most popular cities, it makes sense to take the time to weigh the pros and cons of fixed variable mortgages and variable rate mortgages. Here, we will discuss the two mortgage types, as well as the main differences between them. Main Difference Between Fixed Variable Mortgages and Variable Rate Mortgages If you were to opt for a fixed-rate mortgage, then…

Read More
0 Comment

The Truth: Why Mortgage Rates in Canada Are Cheap

Posted onJanuary 20/2020By

Although rapid skyrocketing home prices seem to be indicative of a Canadian real estate market, inversely high-interest rates are not. This hasn’t always been the case; instead, it is a new phenomenon that boasts the lowest fees in years, and it commands our attention. The National Bank reports that falling mortgage rates have made monthly carrying costs facile for borrowers, and additionally, the rates since the year’s onset continue to drop. Comprehending the decline is crucial to determine what your game plan will ultimately be when deciding to purchase a home, and whether to commit to either a fixed or variable mortgage rate. There is a substantial correlation between the mortgage market and the bond market, consequently, directly prompting interest rates to become affected. Anyone securing a mortgage on an original purchase or renewal today has a pivotal financial advantage. Banks, along with alternate lenders, safeguard the money to be…

Read More
0 Comment

ReCENT POSTS
CaTEGORIES
ARCHIVES
Subscribe to RSS Feeds



Top