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A Step-By-Step Breakdown of the Mortgage Pre-Approval Process

November

Winter may be putting a chill in any thoughts of moving, but it’s never too early to get the ball rolling on your first home purchase! Let’s take a quick look at the pre-approval process for taking out a mortgage.

Know Where You Stand

Before you begin the application process, you should ensure that you are in good financial standing to receive a mortgage. We will start by ordering a copy of your credit report to make sure that you are in good standing financially and that there are no errors that may affect a lender’s decision. This document will show you and the lender whether or not you have consistently paid back your loans and credit cards, and how likely you are to follow through on your agreements.

Submission of Documents

When you begin the application process for a mortgage, we will need proof of your identity and financial ability to pay the loan back. We may assess these things by requesting:

- Photo ID
- Records of employment (E.g. T4’s, pay stubs, letters from employer)
- Bank account statements
- Proof of assets (E.g. cars, real estate, investments, or jewelry)
- And proof of liabilities (E.g. existing loans, credit cards, student debt, or child support)

Once these are verified, we can enter your application into the system to be considered for a mortgage.

Confirmation and Guarantees

So we’ve sent off your application, and you finally get the response you’ve been waiting for: “congratulations, you’ve been pre-approved for a mortgage”!

Before we finish here, there is one thing you should always remember. Being pre-approved for your mortgage does not necessarily mean you will get the exact sum you applied for, but rather that you are eligible for the current interest rate. This means that if interest rates go up, yours will stay as low as it was before, but if interest rates go down, yours will drop as well!

Being pre-approved for a mortgage can be an exciting achievement, but it is only the first step in the long process of purchasing your dream home. To make the rest of the process as easy as 1-2-3, give me a call today at (306) 220-0425 or to learn more about mortgages and begin the application process.

By |November 11th, 2019|All Articles|Comments Off on A Step-By-Step Breakdown of the Mortgage Pre-Approval Process|

How Mortgage Rates are Changing Due to Market Uncertainty

October

Here’s a look at how the uncertainty in the housing market is this affecting mortgage rates for homeowners.

The Current Landscape

Saskatchewan has had a for the last number of years. This occurs when the housing supply is larger than the demand, allowing buyers to be choosy and to negotiate, while sellers are forced to wait and possibly cut their prices.

In 2018, it was predicted that Saskatoon’s housing market would continue to decline for the fourth consecutive year before it rebounded and experienced growth in 2019-20. Although the market’s absence of wild changes can be considered positive because it shows that the housing market is not in a “boom or bust” cycle, it also means that change can be excruciatingly slow to occur. Factors that affect the markets, and that could risk them bouncing back, include
population, job, and income growth.

The New Mortgage Rules

Federal mortgage rules were changed near the beginning of 2019 in an attempt to cool the housing market in Toronto and Vancouver, but this has negatively impacted the Saskatchewan market. These new rules have not only weakened the market, but forced some people to leave it altogether. During this time, the Canadian Home Builders’ Association estimated that had been taken out of the market, with over half being first-time buyers.

What are Mortgage Rates Doing Now?

In May of this past year, experts were still warning that although the market had seen an upswing, the damaging results of the mortgage stress test rules were still very present. Many potential home buyers with a downpayment of 20% would either have to come up with an additional or lower their target price. Check out our to see what today’s best rates are and what kind of rate you could get.

Economists are struggling to predict what mortgage rates will do in the long-term due to economic uncertainty. What they are agreeing on is that rates may change after the federal election, but are uncertain what the future may hold post-election.

As your Mortgage Group professional, I offer one-stop convenience and impartial advice. My job is to help you find the mortgage that best suits your financial needs. Make an appointment with me at (306) 220-0425 or for more information.

By |November 8th, 2019|All Articles|Comments Off on How Mortgage Rates are Changing Due to Market Uncertainty|