LEARN ABOUT MORTGAGES & HOME-OWNERSHIP

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Mortgages & Home-Ownership

PRE-QUALIFY IN MINUTES

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.

HOME-BUYING GUIDE

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HOME-BUYING CHECKLIST

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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

HOME-BUYING

UNDERSTANDING MORTGAGES

Have you ever asked yourself any of the following questions: What exactly is a mortgage? What does amortization mean? What is the difference between open and closed mortgages? How much is needed for a down payment? We’ll answer all those questions and more as we take your through some of the basic terminology and features of mortgages.

PROGRAMS FOR FIRST-TIME HOMEOWNERS

There are several government programs designed to make purchasing your new home more affordable and manageable for first-time homebuyers. From using your RRSPs towards your down payment, to shared-equity mortgages and tax credits, discover ways to save.

HOW TO GET A MORTGAGE IF YOU’RE SELF-EMPLOYED

It can be challenging to secure a mortgage when you’re self-employed. But we take the time to work with you, understand your situation and do everything we can to get your mortgage approved. Your best bet is to reach out to a local Northern Mortgage Expert, who can talk you through the process. In the meantime, here are a few tips that can help you on your journey to home ownership:

FINALIZING THE DEAL

The day you purchase your home is very exciting and there’s a lot happening in a short period of time. Here are some of the things that you’ll be taking care of as you close the deal.

CONSTRUCTION MORTGAGES

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.

AM I READY FOR HOME OWNERSHIP?

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.

PLANNING TO BUILD YOUR DREAM HOME? HERE’S WHAT YOU NEED TO KNOW.

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?

THE DO’S AND DON’TS OF BUYING A FIXER-UPPER

Planning to buy a diamond-in-the-rough and make it your own? Whether you’re looking to flip your new house for a profit or makes some upgrades to your long-term living space, it’s important to get in the right mindset, make a plan and stick to it.

TIPS FOR BUYING A HOME IN A HOT MARKET

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.

MORTGAGES 101

Class is in session and today we're tackling mortgages! Learn everything you need to know about buying a home-from rates and down payments, to open vs. closed mortgages and everything in between.

HOW MUCH SHOULD YOU PUT DOWN ON A NEW HOME?

Buying a new home is one of the most exciting purchases a person can make. marks the beginning a new chapter for growing families, or it can mean the realization of a dream in retirement.

TO RENT OR TO BUY. THAT IS THE QUESTION.

When it's time to find a home, renting vs. buying is the first question that pops up in many people's minds. Which is right for you? Here are some key things to consider.

TOP 5 TIPS FOR SECURING YOUR MORTGAGE

Check all the boxes as you prepare for what might be the biggest purchase in your lifetime

WHAT TO DO WHEN IT’S TIME TO RENEW?

Here’s everything you need to know to renew your mortgage at a great rate with Northern.

WHAT SHOULD I DO FIRST: BUY OR SELL?

The answer depends on two things: (1) how far apart you’re planning on buying and selling, and (2) your market outlook. If you plan on buying and selling close together, it shouldn’t matter which comes first. However, if you plan on buying and selling far apart, you’ll need to consider where you think the housing market is going.

SWITCHING YOUR MORTGAGE TO NORTHERN

If your mortgage is up for renewal and you’re considering moving it to Northern because of our competitive rates, we’ve got good news for you. For a limited time, we’ll cover up to $1,250 of your mortgage transfer fees to make switching as smooth and affordable as possible.* To take advantage of this special offer, Just book an appointment with a Northern Mortgage Expert online.

PROTECTING YOUR INVESTMENT

Your home isn’t just a place to live, it’s also potentially the largest single investment you’ll ever make, and that’s worth protecting. Here are a few ways that you can ensure that the investment in your home remains financially healthy.

MORTGAGE REFRESHER

Feeling a little rusty when it comes to mortgages? If it’s been a while since you’ve been through the homebuying process, you’ll find a refresher of mortgage terminology and features below.

INTEREST RATES 101

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.

BUYING AN INVESTMENT PROPERTY

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.

TOP TIPS FOR BUYING AN INVESTMENT PROPERTY

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.

PREPARING FOR THE HIDDEN COSTS OF HOME OWNERSHIP

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.

CAN REFINANCING YOUR MORTGAGE SAVE YOU MONEY?

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!

5 WAYS TO LEVERAGE YOUR HOME’S EQUITY

Drawing on the equity in your home is an easy way to access cash quickly. But as simple as tapping into this asset sounds, it should be done responsibly and with caution – we’re talking about borrowing against the roof over your head after all.

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.

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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.

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