As your Saskatoon Mortgage Broker I am here to guide you throughout the process of purchasing a home, renewing your mortgage or refinancing your current mortgage.

Your Saskatoon Mortgage Expert since 2005– I have the knowledge and expertise to answer any mortgage related question you may have.

Do not see the answer to your question here? Email me direct at tammy@elitemortgagechoice.com OR call me at 306.933.3386.  I would be happy to assist you with any questions you have!

Are you scouring the internet looking for answers to your questions?

Is everything you read online true?

Is everything Mom, Dad, Grandpa or your friend tell you accurate?

It is so hard to know WHERE to source accurate information

  • The internet/Facebook and other platforms is full of info that may not be 100% accurate
  • Mom/Dad or Grandpa may not have gotten a mortgage in the last 5-10 years.  Rules have changed so significantly that things simply don’t work the same as they used to. Rules literally can change month over month, week over week and day over day.  These rules can affect your ability to qualify now or in the future for the perfect mortgage
  • The advice your friend has offered may not take into consideration that they had a different situation than you do.  Purchasing a home is a big decision.  There is a lot of information to consider.  If a piece of advice offered by a friend was misunderstood – it can affect your ability to understand the process.
  • The reality:  the internet and advice from loved ones is a great place to start.  Once you are ready to consider taking the leap into home ownership I highly suggest you contact a Mortgage Professional that works with the lenders/CMHC/and the Federal Finance Department guidelines daily.

What can I offer v.s. the Bank?

We make the process simple to understand and follow.  We offer the very best rates upfront.  We offer outstanding service & advice throughout the process.

Mortgage Broker

  • No fees. Out fee is paid by the lender.  There is NO hidden costs.
  • Offer products from multiple financial institutions.
  • Must be licensed & subject to a strict set of provincially legislated guidelines.
  • Provincially legislated to work in the clients best interests.
  • Typically paid the same amount no matter what rate is offered to the client.  Brokers can always offer better rates than your local bank.
  • Available to assist you during regular business hours-PLUS evenings & weekends.
  • Will save you time and money by securing the best mortgage rate and term for your individual needs.

Bank

  • Offer only their own internal institutions products.
  • Loan officer’s are not required to be licensed & require no formal mortgage industry training.
  • Limited number of their own products, which may not fit your needs.
  • Mortgage negotiation is typically left up to you the client to handle our own – and represent your “case”.
  • Bank brokers rate of pay is generally reduced in direct relation to the amount they discount your rate from the banks posted rate.
  • Available bankers hours only.

Fixed vs Variable Rate Mortgages?

Rates can be complicated to understand.

The Bank of Canada rates have not moved up or down for years.

Fixed rates and Variable rates can change daily.

What is the best option for you?

With historically low fixed rates many First time Home Buyers feel more comfortable with a fixed rate so that they know there is not any fluctuation.

Historically speaking – a variable rate has always saved consumers the most money in interest.  That being said we have no historical data to show what record low fixed rates over time have saved  consumers.

Wondering what the best option is for you? 

Call me (306.933.3386) or email me today to discuss your options

How much downpayment do I need?

There has been a TON of confusion relating to this question.

If you are buying an OWNER OCCUPIED home for the first time or the tenth time- the minimum downpayment requirement is 5%

If you are purchasing a home for a family member or child the minimum downpayment requirement is 5%

If you are purchasing a vacation property (full 4 season access/usage) the minimum downpayment requirement is 5%

If you are purchasing a rental property the minimum downpayment requirement is 20%

Purchase a home valued over $500,000.00??

  •  5% minimum downpayment requirement on the first $500K & 10% on the difference
  • Example: Purchase price of $575,000.00= total downpayment required =$32,500.00

 

Why do I have to qualify at a higher mortgage rate than I will actually be paying?

The Federal government outlined a new standard rule in October 2016 regarding the rate that is used to “qualify” your mortgage approval

If you have less than a 20% downpayment every lender across Canada is required to use what is called the “benchmark rate” to qualify you.

Currently that “benchmark” rate is 4.64%. (as of February 7/2017)

You will NOT pay this rate.

You will pay the discounted rates that are approximately 200% lower than the “benchmark rate”

This “benchmark” rate is what the government has said all lenders must use to show you can afford the mortgage should the economy change and/or mortgage rates increase.

This new rule has significantly impacted many First Time Home Buyers. 

It is more important than ever to get PRE-APPROVED.

Since the announcement and mortgage rule changes in October 2016; our lender partners, CMHC and our organization (Mortgage Professionals Canada) is regularly meeting with the Federal government/Finance department to shed some light on how these new rules are negatively impacting home owners and First Time Home Buyers in Canada.

Please feel free to reach out at any time to get the most accurate and up to date information on how these new mortgage rule changes may affect your approval.

Call Tammy Wandzura today at 933.3386 for all of your Saskatoon mortgage needs OR visit www.elitemortgagechoice.com

Make an appointment with Tammy Wandzura at TMG, #1-511 1st Ave N or check out her listing on the SASKATOON DIRECTORY in the SASKATOON MORTGAGES Category..she is a Trusted SASKATOON MORTGAGE BROKER Expert! 

Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3