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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Northwood Mortgage

Finanso.Multilogin™

About lender

Northwood Mortgage is a renowned brokerage firm in the Greater Toronto Area. The company provides mortgage funding and investment services. The company was founded in 1990 and now has many clients and a vast network of brokers and agents. Northwood Mortgage offers many services such as residential, commercial, industrial, pre-approved, renewal, and reverse mortgages. Moreover, they assist their clients during the whole process of mortgage approval. They help their clients and answer their questions from the pre-approval step to closing and provide assistance in many cases, whether it is detailed advice on how much equity is needed or help with navigating through the maze of rules and regulations that govern mortgage lending. Also, the company provides several house mortgage options to suit customers' needs, whether they need a fixed rate or a variable one. However, Northwood Mortgage provides mortgages with fixed-rate only in Toronto right now. According to the terms, the rate would vary between 2,75% and 4,94%. The company frequently changes the lowest mortgage rate, which is not always displayed on the website, so they recommend that customers meet their mortgage agents to discuss the best mortgage solution.

Moreover, Northwood Mortgage provides different products such as low-interest mortgages, reverse mortgages, refinancing the existing mortgage to a lower rate or term, and debt consolidation.

Besides loans and mortgages, Northwood Mortgage provides life insurance services to clients who have already issued a mortgage. This is needed to protect the mortgagor’s family against unforeseen tragedy such as death or long-term disability. In addition, this vital insurance coverage will pay down or pay off the mortgage. The company offers three insurance programs: mortgage life insurance, mortgage disability insurance, and mortgage critical illness protection.

Features

One of the most significant features of this company is that they specialize in providing mortgages. In addition, Northwood Mortgage has a vast network of brokers and lenders, so they can always find an adequate solution for the customer.

The company provides numerous services such as residential, commercial, and industrial mortgages, pre-approved solutions, renewal, and reverse mortgages. And what’s more, they have specialists in different types of mortgages, such as refinancing the existing mortgage to a lower rate or term and debt consolidation.

In addition, Northwood Mortgage provides loans with fixed-rate and variable ones. Fixed mortgage rates can be secured at various terms. Usually, these are 15 and 30 years, but Northwood Mortgage can guarantee the fixed rate at 10, 20, 30, or even 40 years.

Talking about APR, it varies according to the terms of the loan. The range of APR ranges from 2,75% to 4,94%. However, the lowest rates change frequently and are not always displayed on the website, so it is recommended to meet the mortgage agent to find the best solution.

Also, Northwood Mortgage provides life insurance services to mortgagors. The insurance may protect the client's family against unpredictable situations like death or long-term disability. In that case, the insurance coverage will pay down or pay off the mortgage. There are three programs of life insurance: mortgage life insurance, mortgage disability insurance, and mortgage critical illness protection.

Pros and cons

Nevertheless, Northwood Mortgage has some pros and cons.

Pros

  • The company’s website contains enough information;

  • Northwood Mortgage provides a lot of different mortgage services and has a lot of specialists in these areas;

  • The company has a vast network of lenders and brokers partners, so they can help the customer find the best mortgage option;

  • The company provides different types of mortgages;

  • Company’s rates are relatively low and the range is short: 2,75% - 4,94%;

  • The lender provides mortgages not only with the variable rate but also with the fixed rate;

  • Besides loans, Northwood Mortgage provides life insurance services;

  • The company is a member of Mortgage Professionals Canada and is also recognized as one of Toronto Central's top mortgage brokers by the Consumer Choice Award;

  • The company assists clients in any cases during the whole process of mortgage approval and the mortgage term;

  • Northwood Mortgage provides loans and life insurance services to their customers to protect mortgagors' families against unpredictable tragedies such as death and long-term disability.

Cons

  • The company doesn’t mention some vital information such as the range of borrowable amounts and methods of funding;

  • The lowest rates are constantly changing, so they may not be displayed on the website, and the customer has to meet the mortgage agent.

As we see, Northwood Mortgage has some advantages. They have many mortgage service options and provide different types of mortgages. Also, they offer a competitive rate, which may be variable or fixed. Moreover, the company also provides life insurance services which can be very useful for mortgagors.

However, there are some disadvantages, such as the lack of information about the range of borrowable amounts or funding methods. Also, the lowest rate changes frequently, and these changes are not always displayed on the website.

Loan conditions

To be approved for the mortgage in Northwood Mortgage, the customer needs to fit some primary conditions. The customer must be 18 years old and have a good credit score. Also, they must provide necessary documents such as proof of identity (ID), proof of income, address, a list of assets and debts, employment history, and employer contact details. The first step is filling out a simple application form directly on the website. It must be done to receive the pre-approval. After that, the company’s agents will check all the data and connect with the customer.

The term varies from 12 to 120 months, according to alternative sources.

Methods of loan funding

Unfortunately, there is no information about methods of loan funding in open sources.

FAQ

What is Northwood Mortgage?

Northwood Mortgage is one of the largest mortgage brokers in Canada. The company was founded in 1990 and now has a vast network of lenders and brokers partners. Northwood Mortgage provides mortgage services and assists the customers during the process of approval. They have a lot of specialists in different areas and provide other services, and what is more, they provide various types of mortgages.

Besides loans, they provide life insurance services to their customers.

Who owns Northwood Mortgage?

Northwood Mortgage is a private business presided by this company’s president Art Appelberg.

How much can you borrow from Northwood Mortgage?

Unfortunately, limits of the borrowable amount are not mentioned. Typically, this depends on the contract.

Is it a legitimate company?

Northwood Mortgage is a legitimate company. In addition, the company is a member of Mortgage Professionals Canada.

Company documents

Privacy Policy

Northwood Mortgage™ Ltd. is one of the GTA’s largest brokerage firms. We provide unmatched mortgage funding and investment services.

© Northwood Mortgage

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What to pay attention to when applying for a loan from Northwood Mortgage

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Northwood Mortgage from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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