LEARN ABOUT MORTGAGES & HOME-OWNERSHIP
Mortgage pre-qualification is not the same as mortgage pre-approval. Pre-qualification gives you a rough estimate of the amount of mortgage that you may qualify for based on the accuracy and completeness of the information you provided. It’s meant for illustrative purposes only and is not intended to provide specific financial or other advice. Pre-approval, on the other hand, is the official maximum mortgage amount that we are willing to lend you, subject to conditions.
These recommendations are for illustrative purposes only and are not intended to provide specific financial advice. Please speak with a Northern Mortgage Expert or your financial advisor to discuss your specific situation before you make a final decision regarding your mortgage to ensure all your financial and other circumstances have been taken into account.
TUNE IN FOR SOME NORTHERN MORTGAGE KNOW-HOW
WHAT THE HECK IS CMHC?!
HOW MUCH MORTGAGE CAN YOU AFFORD?
OPEN VS CLOSED MORTGAGES
TO REFINANCE, OR NOT TO REFINANCE
TAPPING YOUR HOME EQUITY
FIXED VS. VARIABLE MORTGAGE RATES
PAYBACK'S A B!@_#
HOW SHOULD YOUR DOWN PAYMENT BE?
READ OUR HANDY INSIGHTS
Whether you’re planning to build your dream home, a cabin by the lake or a major renovation to your existing home, a Construction Mortgage can help make it a reality. As the name suggests, it’s not only for new builds, but also for major construction projects (over $40,000) on existing homes. With any type of build or renovation, funds will only be advanced once the work is completed, pending an appraisal and examination of the property.
Home ownership is a big decision that shouldn’t be taken lightly. Before you even start looking for a new home, it’s important to consider the responsibilities involved, weigh the pros and cons of purchasing a home and ensure you’re in the right position financially.
If you’re like most people, you’ve probably imagined what it would be like to build your dream home from scratch with each and every room, detail and finish perfectly tailored to fit your needs. It sounds incredible, right? But before you get your tools out and break ground, it’s important to figure out that burning question - how the heck are you going to finance it?
When the Covid-19 first hit Canada, many economists warned of negative impacts on the housing market. In fact, Evan Siddal, president and chief executive of the Canada Mortgage and Housing Corporation, forecast that housing prices could fall as much as 18% due to the pandemic. He recently apologized for that statement on Twitter because the opposite has been true — the Canadian housing market has actually soared during the pandemic.
If you’re struggling to understanding interest rates and how they apply to your mortgage, we’ve got you covered. Just take a read though the information below for a quick primer. And if you have any further questions, we’re standing by to answer them. Just drop by your local branch or give us a call at the True North Hub at 1-866-413-7071.
With Canada’s red hot housing market, purchasing a second rental property can potentially be a lucrative investment. But before you make the leap, it’s wise to do your research, understand your responsibilities and assess both affordability and profitability. Here are a few things to consider.
Despite the Covid-19 pandemic, the Canadian housing market as been on fire with prices rising by 9.36% during 2020, marking the twelfth straight year of housing price growth. With those statistics in mind, it’s no wonder that many are considering real estate as an attractive investment.
Jake and Jane bought their dream house. It was a bit over their budget, but they couldn’t resist. It was exactly what they’ve always wanted. Before they purchased the home, they worked out how much their monthly mortgage payment would be. It was more than they used to pay for rent, but they thought if they budgeted carefully, they could manage the payments.
Why should you learn about refinancing your mortgage? That’s simple: because it can potentially save you money, reduce your monthly payments and increase the rate you build equity. Did that get your attention? Great! Because today, we’re going to teach you all about it. You’ll learn what refinancing is, reasons you might want to do it and figure out if it’s worth it for you. Let’s get started!
TOOLS AND CALCULATORS
Whether you’re buying a home, planning for your children’s education, or looking forward to retirement, these handy tools take the ‘work’ out of homework and provide a clear picture of where you stand.
MORTGAGES MADE EASY
We’re your neighbours. That means not only can we get you your mortgage approval faster, we can also guide you through the home-buying process using our firsthand experience.