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



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

Canadian Interest Rates on Hold Tells a Unique Mortgage Narrative

Posted onJanuary 13/2020By

For Canadian borrowers, when the Bank of Canada (BoC) adheres to a resolute policy rate, it seems nothing short of advantageous. With this in mind, it’s imperative to establish what this authentically represents. High-interest rates are indicative of a healthy and robust economy, whereas lower fees are an incentive to stimulate spending in what is a more inefficient fiscal climate. It’s all about power. For over a year, the Bank of Canada has retained its key interest rate on hold, telling of a unique mortgage narrative that affects you. Canada, unlike its international counterparts, has been tenacious by taking fiscal control and keeping interest rates on hold. Intensified trade disaccord between the United States and China, as well as low global interest rates, have spawned ambivalence, creating a burden on the global economy. The U.S. is a crucial export market for Canadian goods and thus consequently affecting not merely our…

Read More
0 Comment

Getting It Straight: Conforming Loans vs. Non-Conforming Loans

Posted onJanuary 06/2020By

Although mortgage translations are less than obvious, it’s palpable that most Canadians demand an elevated level of clarification when it comes to the pivotal commitment. A genuine comprehension of mortgage systems is trying enough, and when combined with deciphering a plethora of terminology, the task to many seems daunting. One strong example is distinguishing conforming loans from non-conforming loans. Getting it straight, once and for all, is vital. Conforming Loans A conforming loan is indicative of loan limit restrictions and, simultaneously, a number of unique preconditions are enforced. The Federal National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) are government-sponsored entities that prompt and administer the market for home loans. These agencies have definitive protocols and decrees that mortgages must observe. Statutes describe and define maximum loan amounts, advisable properties, preconditions for down payments, and credit stipulations to name a few.…

Read More
0 Comment

The Superior Choice: Fixed or Variable Interest Rate?

Posted onDecember 16/2019By

In terms of interest rates, a seemingly mere fraction of a percent can impact your savings over the life of your mortgage loan. For this reason, it’s pivotal to be conscious that your choices will ultimately affect your interest rate. Being able to govern interest rates is not feasible, so being informed is fundamental in determining what’s typically the benchmark as far as the interest percent. Preparing and comparing will conclusively lead you to a choice decision. As a borrower, the interest is an additional payment on top of the principal amount of your loan. It is an annual percentage rate which is either fixed or variable; ultimately, the choice will have a tremendous impact on your mortgage loan. For that reason, it is imperative to discern the variants of the two classifications of interest rates. This knowledge is vital to your overall comprehension of how interest rates function, consequently…

Read More
0 Comment

Top Techniques to Get the Lowest Mortgage Rates in Canada

Posted onOctober 28/2019By

For many Canadians who are interested in buying a home, the first thing they will be worried about is their credit score. Some will also comparison shop to try and secure the best mortgage rate. However, there is more to lower mortgage rates than your credit history or comparison shopping. In fact, there are a plethora of different factors that lenders will look at before determining whether or not you qualify for a mortgage, as well as what your interest rate will be. You can use our mortgage qualifier to find out what you’re likely to be offered and learn some techniques that will help you get a lower rate on your mortgage in Canada. Income and Job Stability Most mortgage lenders will prioritize borrowers that can prove that they have a stable job and income for at least the last two years. Having a steady job will help your…

Read More
0 Comment

ReCENT POSTS

CaTEGORIES

ARCHIVES

Subscribe to RSS Feeds



Top