As a homeowner, one of the biggest financial commitments you’ll make is your mortgage. It’s a long-term investment that requires careful consideration, especially when it comes time for renewal.  Reviewing your mortgage terms during the renewal process is important to ensure that you’re getting the best deal and protecting your financial interests.  In this article, we’ll take a look at why you should be carefully reviewing your mortgage terms, and provide valuable insights to help you renew with confidence moving forward. The Significance of Mortgage Renewal Renewing your mortgage i ..read more

Understanding the path to homeownership can feel like navigating a complex maze. Successfully doing so requires not only knowing how to apply, but also understanding the role your credit score has in the process.  Credit scores aren’t just numbers; they’re a vital factor that mortgage brokers and lenders use to assess your overall financial health.  In this article, we’ll explore why credit scores matter, how they affect mortgage approval and interest rates, and how our team at Northwood Mortgage can help you achieve your homeownership dreams regardless of where your credit stands. W ..read more

Are you looking to buy a home in Scarborough this year? If so, stick around, because in this article, we will discuss what you need to know about mortgages as you start your property-buying journey. The real estate and mortgage lending landscape is in constant flux. Thus, staying updated on the ins and outs can help make your home purchase a lot smoother. With that in mind, here are seven crucial tips for securing a mortgage in Scarborough in 2024. 1. The role of interest rates Interest rates are always important when it comes to your mortgage. Therefore, you should stay informed about rate tr ..read more

In the competitive world of Ontario housing, understanding home finance and all that it entails can be tough. A mortgage broker can be a helpful partner, providing advice, know-how, and professional links to potential lenders. However, all brokers are not alike. Therefore, it’s important to have a brokerage professional that will work with you and your financial framework. If you’re searching for a top mortgage broker in Ontario, look for these six specific traits that will help you separate the mediocre from the cream of the crop. 1. Broad lender network A top-notch mortgage broker will have ..read more

In the unpredictable landscape of real estate and mortgage rates, the housing market can be fun, exciting, and a little nerve-wracking to navigate. Within this market, future home buyers and investors are often gauging the pros and cons of choosing variable mortgage rates in Toronto, especially with the potential for rates to drop in 2024. In this article, we will examine where variable mortgage rates might be heading this year, providing valuable insights as you look to make housing decisions in Toronto’s bustling economy. Understanding Variable Rate Mortgages To predict the trends of 2024, w ..read more

Finding the best mortgage deal in Woodbridge can be a complicated process, but an experienced mortgage broker can help simplify it. Mortgage professionals save you time, expose you to a wider range of options, and explain mortgage details in a clear and simple way. Still, that leaves the question: how do you pick the right one? At Northwood Mortgage, we will share our top five tips for choosing the best mortgage broker in the Woodbridge area (and anywhere else). 1. Seek experience and know-how Prioritize experience while hunting for a mortgage broker in Woodbridge. Experienced brokers can easi ..read more

Seniors may need extra financial support moving into their golden years. That’s where reverse mortgages come into play, having gained increasing popularity, especially in Toronto and the surrounding areas. However, some may find themselves getting spooked with all the misinformation surrounding reverse mortgages practices. In this article, we’ll be clearing up five of the biggest misunderstandings that people have about reverse mortgages. This way, you will be able to make well-informed financial decisions based on all the right facts. Myth 1: Reverse Mortgage Interest Rates Are Outrageously H ..read more

Securing a low mortgage rate can potentially save you thousands of dollars over the life of your mortgage. However, qualifying for the lowest rates requires careful consideration of several factors, which we will discuss in this article. Keeping these six eligibility factors in mind’ll increase your chances of obtaining a low mortgage rate in Toronto. 1. Credit score Your credit score plays a crucial role in determining the interest rate lenders will offer you. A higher credit score, which is indicative of smart financial practices, typically translates into lower mortgage rates. To ensure a g ..read more

When considering a home loan, two key elements are the mortgage interest rate and the annual percentage rate (APR). While both significantly impact the price of financing a home, they relate to distinctly different facets of the process and can affect your payments in different ways. In this article, we’ll explore what these terms refer to and how they influence home mortgage rates in Toronto. What are mortgage interest rates? Interest rates refer to the percentage charged by the lender to borrow money. This rate determines the monthly mortgage payment you’ll be responsible for and, ultimately ..read more

If you’re considering buying a home for the first time, there are several steps involved in paving the way forward. Step number one is figuring out if you qualify for a mortgage and, if so, how much you can reasonably afford. Resources like mortgage qualification calculators make this task easier. That’s why we at Northwood Mortgage have built this guide: to help first-time home buyers in Ontario understand how to use our online mortgage calculator simply and effectively. What is a mortgage qualification calculator? A mortgage calculator assists potential homebuyers in figuring out how much of ..read more