WE’RE HERE TO HELP YOU BUY YOUR NEXT HOME

If you own your existing home and are looking to move, buy a second investment property or a camp or cottage, you’ve come to the right place. We’ve put together a collection of information, tools and resources designed to guide you through every step of buying your next property. If you have any questions along the way, we’re here for you – just reach out to one of our Mortgage Experts.


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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.

HOW MUCH MORTGAGE CAN I AFFORD?

There’s a difference between what you qualify for and what you can afford when it comes to your mortgage. Our Northern Financial Survival Guide will show you the formula to financial comfort.

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:         

HANDY HOMEBUYING RESOURCES

MORTGAGE CALCULATORS

HOMEBUYING GUIDE

HOMEBUYING CHECKLIST

STEP 2: CHOOSING THE RIGHT MORTGAGE

Whether you need a refresher on mortgages, or a little helpful advice on your homebuying journey, we have everything you need to make an informed decision and lock in at a great rate.


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.

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.

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.


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.

MORTGAGE PRE-QUALIFICATION

Found your dream home? Do a quick check to see if it’s in your price range.

MORTGAGE RATES

We have some of the most competitive rates around. Find out for yourself!

TYPES OF MORTGAGES

Planning renos? Building your home? Self-employed? We have all types of mortgages.

STEP 3: CLOSING THE DEAL ON YOUR NEXT HOME

You’re almost there! But before we start celebrating, there are a few things to consider around placing your offer, finalizing the deal, extra costs to keep in mind and protecting your investment.


PREP BEFORE PLACING AN OFFER

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

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.

EXTRA COSTS TO KEEP IN MIND

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.

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: