Robert Palumbo • Apr 17, 2017
True North Mortgage Review Guest Written by: Janine Rogan Home ownership seems to be the ticket into adulthood. Boomers and Generation X swear by the real estate market and want their children the millennials to get in as soon as possible so they too can reap the rewards. Gone are the days however, that you stay loyal to your bank when it comes to purchasing your first home. The millennial generation loves to shop around, get the best rate, and find the financial institution that will work for them. Companies like True North Mortgage make home ownership a reality for many millennials. They have incredibly competitive mortgage rates that allow consumers to save on their interest payments.
It’s no secret that the costs of homeownership have increased, specifically, in many of Canada’s major cities. To purchase a condo in Toronto, Calgary, Vancouver, and even Edmonton you’re looking at a starting price of at least $300,000… and that may not even get you in the downtown core. When housing prices are this high saving on interest becomes more important than ever and even if a half of a percent doesn’t seem like very much, it can add up in a hurry.
True North Mortgage offers 2.09%* for a 2 year fixed term mortgage, and 1.80%* for a 5 year variable rate. They have helped Canadians with $5 billion of mortgages and offer tools to help Canadians pay down their mortgage faster, estimate their costs, and help Canadians ready themselves for homeownership with many handy checklists, forecasts and fact sheets.
If you’re unsure of what options you have, or the financial jargon is confusing, True North offers resources on their blog to help Canadians understand what they are getting themselves into. True North also offers easy access to funds, you can pre-qualify in minutes online, giving you access to some great financial tools and support for any questions you might have online. In addition to their fantastic rates they offer a guarantee that they will beat any competitors offer or give you $500. To me that sounds like they really are willing to help Canadians get the lowest rate for their home and capitalize on the lowest interest payment possible.
If you’ve decided you want to buy a home and you’ve started doing your research, you may have noticed that your credit score will affect how much and at what rate you can borrow. To get ahead of the game it’s important to make sure that you have the best credit score available, which will give you the most options in terms of how you can structure your mortgage. True North has a Credit 101 page that helps you determine how to check your credit score, and it gives you the tools on your you can start to increase it.
Overall, True North Mortgage is on a mission to help Canadians get a great rate on their mortgage. Homeownership isn’t for everyone but to me it seems like if you want to work towards the goal of owning your home then finding the lowest interest rate would certainly be a step in the right direction. Using True North allows Canadians to save money, cut through the financial jargon, and feel good about their choice of homeownership.
*Rates as of published date April 10th 2017
Given the unstable economy, making loan payments may be tougher than you ever expected. Instead of defaulting on your payments, it might be a good idea to consider different options such as payment deferrals, debt consolidation or refinancing to help you manage. The key is to make sure you understand how each works and whether it meets your goals and current financial position.
The Borrowell Team
Apr 08, 2020
Is the COVID-19 situation causing you to feel stressed about your finances? If so, you’re not alone, 74% of our members are feeling anxious right now according to our recent survey. Taking the time to plan ahead is the best way to keep your options open and feel more in control of the situation. We know that putting together a budget isn’t always pleasant, but we’re here to help you through this.
The Borrowell Team
Mar 25, 2020
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