Posted on
August 24/2022By
northwood
The cost of living is constantly rising. Reducing monthly expenses reduces the risk of overspending. One way to cut back on spending is looking to the best mortgage rates in Toronto. Your mortgage likely takes up a large chunk of your monthly payments, along with vehicles and insurance. Reducing mortgage costs can vastly improve your annual expenditures overall. At Northwood Mortgage, we work with clients across Ontario, customizing mortgages to fit your lifestyle. We understand that no two homeowners are the same, and therefore, your mortgage should be bespoke to your needs. Here, we’ll talk a little bit about reducing…
Posted on
August 17/2022By
northwood
Nobody plans on dealing with foreclosure when they apply for a mortgage in Toronto. Unfortunately, it’s one of the possibilities for homeowners who fail to meet mortgage obligations. At Northwood Mortgage, we strive to ensure our clients receive the best possible mortgage in Toronto for their individual needs. This reduces the chances of missed payments or other contract reneging. Of course, the best offense in mortgage repayment is information. Knowing your role as a borrower, and the potential impacts of missed payments simplifies the mortgage process. Here, we’ll go over foreclosures in Toronto, what they entail, and how to avoid…
Posted on
July 11/2022By
northwood
The COVID-19 pandemic has caused a spike in real estate markets across Canada. Getting a mortgage in Toronto has become increasingly complicated with the rise in prices within the city. Fortunately, Toronto’s real estate market seems to be slowing down finally. This is a promising time for buyers, as prices should begin dropping slowly but surely. At Northwood Mortgage, we partner with families across the GTA. If your family is looking for a home, Northwood Mortgage can help you obtain a mortgage in Toronto, and with the cooling of the market, now’s the time to do so. As a leading…
Posted on
June 29/2022By
northwood
What are first and second mortgages? Investing in mortgages and mortgage investments come in different levels. At every level, the likelihood of risk will grow, as well as the potential reward. For the most part, a first mortgage is the first mortgage that a borrower will secure for the purpose of buying a property. A second mortgage can be viewed as a further loan after a first mortgage has been obtained; it is usually a secured loan, which means that you can use the equity in your home as collateral. The loan-to-value (LTV) ratio of second mortgages is generally higher…
Posted on
June 27/2022By
northwood
Mortgage lenders send out renewal statements as your loan term nears an end (the most common term is five years). Your lender must send a 21-day notice before your mortgage term ends. To ensure that you take full advantage of your mortgage renewal, here are our top 10 tips: 1. Conduct your own research on rates If you compare your current rate with what other financial institutions are offering, you will know how much leverage you have (since you will have leverage; see tip #2). 2. Postings are rarely the “lowest” rates The goal of a bank is to make…
