Video Learning | The ins and outs of mortgages from a Saskatoon Mortgage Expert

The cost to buy a home has increased due to land title fee increases and will show up in your closing costs.  

Buy the house before the car

The amount of monthly payments you have drastically changes the amount you will qualify for on a mortgage.

Divorce and the matrimonial home

How does it work when one spouse wants to buyout the partner of the matrimonial home?

Why is housing so much more expensive in Canada than the US?

Canadian home prices are on average 40% higher than in the US.

Differences between mortgages in Canada and the US

Mortgage interest deductibility, mortgage insurance, terms and amortization periods, prepayment of the mortgage loan.

Bridge Loans and how they work

If you own and home and are looking to buy a new home, a bridge loan may be just what you need.

Challenging times for people wishing to buy a home

Discussing some of the challenges people are facing today when it comes to buying a home.

Mortgage Renewal Story

It is always a good idea to see what options are available to you when you are up for renewal.  It may be best to stay where you are but you may be able to save considerable money if you switch to a different lender - each situation is unique so contact a mortgage broker to find out what your options are.  

Closing Costs

There are a number of things included in closing costs when buying a house, here is the breakdown.

Debt Consolidation

How debt consolidation works through a refinance and using the equity in your home.

Types of Home Structures

There are a few choices of home structures, which would you choose?

Mortgage Story

Through sharing mortgage stories I hope to provide some insight into the mortgage process and educate along the way.

Seller's Market, Buyer's Market and Balanced Market, what's the difference?  Which one are we in currently?

Mortgage Renewal

If your mortgage is up for renewal talk to a mortgage broker to find out what ALL of your options are.

Quick way to see what you can afford for a mortgage

This estimation you can do quickly in your head and it will give you an idea of how much you can afford.  

Home buying and your down payment

When do you have to pay for your down payment on your home purchase?

How to talk about money

Couples and their finances and how to discuss money

Average Income and savings 25-34 year olds

Chances are you are around the average so don’t be so hard on yourself

Story Time! Obtaining a mortgage can feel stressful

Don't tell your mortgage broker these things

Don’t be deceitful but be aware of these 5 things.

Income Tax Credits if you purchased or renovated a home in 2022

It's...tax time! If you purchased or renovated a home in 2022 this video is for you - don't miss out on these tax credits and put more money in your pocket. 

Minimum Down Payment by Purchase Price

What can you afford based on your down payment savings?

Average 5 year historical fixed rates past 25 years

5 year fixed rates currently aren’t that terrible when comparing them historically although house prices have increased considerably.

RRSP Deadline and details on the Home Buyers' Plan

RRSP deadline and using the Home Buyers Plan for your down payment from a mortgage broker in Saskatoon.

Looking at purchasing a fixer upper home?

You can include some renovation costs with a purchase plus improvements mortgage.

Never do these things when it comes to mortgages

Part 2 - the less obvious things not to do regarding mortgages

5 things to never do in regards to a mortgage from a mortgage broker

These are things I would make sure of when obtaining a mortgage.

Open vs closed mortgages, what’s the difference?

Let's discuss the difference between open and closed mortgages and reasons why one might want to choose an open mortgage.

Assumable Mortgages: An attractive selling point when fixed rates have increased

When interest rates are higher than the rate you have on a fixed rate mortgage - an assumable mortgage may be an asset.  Another thing to look at if you are purchasing a different home straight away is if your mortgage is portable so you can enjoy the lower interest rate yourself. 

Is now a good time to buy a home compared to 6 months ago?

Prices have come down a bit from the peak 6 months ago in Saskatoon and fixed interest rates are slightly higher. Get started on your purchasing journy here: https://mortgagesbymia.ca/apply.aspx 

Plan for your mortgage renewal in advance

It is important in our current rate environment to know your options. If your current lender feels you may be stuck having to renew with them due to challenges in re-qualifying at todays rates - they may not offer you their best rate. Ask a mortgage broker about your options.

Are you considered middle class?

Income and expenses breakdown - are you considered middle class or living comfortably?

Online budgeting tools and get out of debt tool

Check out these simple to use online budget tools https://mortgagesbymia.ca/budgeting-tools

Mortgage renewals - should you renew early?

Mortgage renewals, here is what you need to know

How much income do you need to buy a house?

This is how much you can spend on a house based on your income.

Good debt vs bad debt

What is the difference between good and bad debt?

Check your credit often

You should keep tabs on your credit. Free equifax report here: https://www.consumer.equifax.ca/personal/products/credit-score-report/ Free Transunion Report here: https://www.transunion.ca/product/consumer-disclosure#articleSection2

Using loyalty programs to save money

Take advantage of loyalty programs for places you shop anyways

Pay less interest tips and tricks

Tips for paying less interest overall

Cutting costs and saving money

Tips for cutting costs in today's world. Bank account comparison tool: 

https://itools-ioutils.fcac-acfc.gc.ca/ACT-OCC/SearchFilter-eng.aspx

Strategy to save for a down payment

It is hard to save for a down payment here is a strategy you could try

Business for yourself and obtaining a mortgage

There are programs specifically for people who are in business for self and need mortgages.  The Business Bank Statement Program is one of the options available.  

Save money tips

Are you trying to save money? Here are some tips.

Should you go to your bank or use a mortgage broker?  Benefits of using mortgage broker

Reasons to not only go to the bank when looking for a mortgage: Penalties, limited access, customer service

10 Steps to getting a mortgage

This is what does the mortgage process looks like.

Mortgage Fun Facts

Highest mortgage interest rates, what does a painted door mean, how many home buyers are first time buyers and what does the term mortgage mean?

What are trigger rates on variable rate mortgages?

When you are no longer paying enough each month to cover principal and interest you will hit your trigger and will have to increase your payments or work out a solution with your lender to cover the shortfall.  This happens when interest rates increase considerably from when your payments were set.  

What can you afford?

Should you lock into a fixed rate from your variable rate mortgage?

The ins and outs of variable and fixed rate mortgages in Canada

Can you get a mortgage on a mobile home in Saskatchewan?

There are a few factors, it may be possible to obtain a mortgage on a mobile home

Things that impact a Saskatchewan mortgage approval

Know what can derail your mortgage approval

Vehicle, boat and RV loans can impact approval amount for your mortgage but there are solutions in Saskatoon

 A large vehicle, boat or RV loan can impact your approval on a mortgage or how much you will qualify for, there are option to reduce your monthly payments so you can qualify for that home you have your eye on. TMG The Mortgage Group Mortgage Brokerage Associates can assist you with reducing your monthly payments. 

Saskatchewan Mortgage documents do's and don'ts

The do's and don'ts when sending in mortgage documents

The parts of a mortgage application

These are the parts of a mortgage application

Types of eligible income for a Saskatchewan mortgage

These are the eligible income types we can use to qualify you for a mortgage

What are your options at mortgage renewal time in Saskatchewan

If your mortgage is up for renewal you have 3 options

How does a Saskatoon mortgage broker get paid

This video explains how Saskatoon mortgage brokers get paid, generally there is no cost to you as the lenders pay us a fee to work with you on their behalf

12 Mortgage Mistakes to Avoid in Saskatchewan

Avoid doing these things if you are applying for a mortgage

Refinance, Equity Take out, Debt Consolidation in Saskatchewan

You can tap into the equity in your home through a refinance which allows you to borrow up to 80% of the current value of your home.  

What does the Saskatoon mortgage process look like

Here are the steps of obtaining a mortgage

Changing payment date or payment frequency

Explaining Interest Adjustments, which can happen if you change your payment date or frequency.

Variable vs Fixed Rate Mortgages

What you should know and what I often recommend. In Canada we have the stress test which means we qualified you at a rate of 5.25% or more so when the prime rate increases you need not to worry as you were well qualified to handle the increase.

All about down payments for your Saskatoon and Saskatchewan Mortgage

Here's what you need to know about down payments.

Purchase Plus Improvements are available in Saskatoon and all of Saskatchewan

What is the purchase plus program about and how does it work?

My personal mortgage story

I had my first mortgage before I became a Saskatoon based mortgage broker and this is a quick overview of what I wish I had known back then. Mortgage Broker Tips