Trusted Tips and Resources

Trusted Tips & Resources

Your Mortgage Now your Trusted Saskatoon Mortgage Experts First-time Home Buyer tips

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on Being a First-time Home Buyer:

 

 

Purchasing your first home is one of the most exciting experiences you will have in your life, and is one of the largest purchases you will ever make. The act of homebuying involves considerable sacrifice in order to save up for the deposit and finding a home to suit your needs. While everyone is generally on a different path, knowing what the average first-time homebuyer in Canada looks like can certainly help in knowing whether you are ahead of the game or slightly behind.

The Average First-Time Homebuyer in Canada

 

If you are in your twenties, thinking about homeownership should definitely be something on your mind. While it may not be something you can afford to do for a number of years, starting to plan immediately will help you. The average first-time homebuyer in Canada has three unique characteristics:

  1. They are generally in their late 20s. In a study conducted by BMO in 2013, which surveyed 2000 first-time homebuyers, the average homebuyer was determined to be about 29 years old.
  2. They buy a home valued at $316,100 on average. This number is different in major cities, such as Vancouver where the average is $506,500, Toronto at $408,300, Calgary at $363,400 and in Montreal where the cost is less than the national average at $237,900.
  3. On average, a first-time homebuyer in Canada has $50,576 to put towards their down payment. This means that the average homebuyer has about 16% of the cost of the home, meaning they need to insure their mortgages with an insurer like Genworth (as mortgage insurance is required when a buyer has less than a 20% down payment).

The Average First-Time Homebuyer by Province

 

Homebuyers are vastly different based on the province they live in. The average home prices compared to the average amount spent by first-time homebuyers in a province helps to illustrate the cost of living and affordability in each of Canada’s provincial regions.

  • The average home in Atlantic Canada is $212,622, while the average first-time homebuyer spends $204,400.
  • The average home in Quebec is $263,661 while the average first-time homebuyer spends $222,300.
  • The average home in Ontario is $423,691, while the average first-time homebuyer spends $358,400.
  • The average home in Manitoba and Saskatchewan is $275,104 while the average first-time homebuyer spends $226,100.
  • The average home in Alberta is $407,540, while the average first-time homebuyer spends $364,700.
  • The average home in British Columbia is $611,688 while the average first-time homebuyer spends $430,300.

Other First-Time Homebuyer Statistics

 

The study also found out some interesting statistics related to first-time homebuyers.

  • 60 per cent of potential first-time homebuyers have had to delay their plans to buy, with close to 40 per cent of those people saying that the increasing cost of real estate has been the main reason for the delay.
  • Most first-time homebuyers (60%) set a fixed budget with a maximum amount they would want to spend on their home, but a third of them would be willing to spend more if they found a dream house outside of their set budget.
  • About one third (30%) of all first-time homebuyers are expecting some assistance from their parents or other members of their family with their purchase. In both Montreal and Vancouver, these numbers are significantly higher at about 40%.

The question you need to pose to yourself is – how prepared are you? If you already have a larger deposit saved, perhaps you can invest in a slightly better property. If you are behind the average, consider services like Genworth’s down payment options.

Source: Genworth. Statistics for this post derived from BMO First-time Homebuyers Report unless otherwise stated. The poll was conducted by Pollara between January 24th and March 6th, 2014. 513 first-time Canadian homebuyers 18 years of age and older were polled. As a guideline, a probability sample of this size would yield results accurate to ± 4.3%, 19 times out of 20.

If you have any questions regarding this topic, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

Find them on Facebook here! 

 

Tammy Wandzura a Trusted Saskatoon Mortgage Broker -The Future of Interest Rates

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy Expands on the Future of Interest Rates:

I wanted to touch base on the Huffington Post article link that I provided earlier last week.  Being in the Mortgage Industry; I find it very exciting that LOW mortgage rates for our future are being predicted. Every day I have clients calling saying they have “heard” rates are going up.  The Bank of Canada has not increased their Prime lending rate since 2010.  Since 2010 we have seen very little movement in rates overall. There may be some slight competition for business amongst banks, depending on time of year there may be some slight fluctuation as banks try to end their fiscal year ends as strongly as possible.

We have seen some great Variable rate discounts re-introduced to the mortgage landscape- but generally speaking the 5 year fixed has stayed fairly even for the past 5 years.  With home prices and Household consumer debt at all time highs - a spike in interest rates would put our Country into a recession.

These low interest rates may become the “norm” regardless of other market factors.  We cannot predict what interest rates will do long term. However, Economists predict that we may see rates range anywhere from 3-5% going forward long term.  Based on the Article posted last week- rates could maintain even lower.

What does this mean for you?

Buying a home - and paying a mortgage builds equity and long term security.  With rates as low as 2.89% and 2.99% on a 5 year fixed there has never been a better time to consider becoming a home owner.

If you were to purchase a $300,000.00 home today at 2.99% (vs past rates of 4.50% as an example) making biweekly payments, amortized over 25 years, you would save over $14,000.00 in the first 5 years.

Mortgages are considered secure credit.  Good debt.  Something that will likely increase in value the longer you own it and the longer you make payments towards it. Allowing you to increase your equity for future stability.                                          

The consumer debt that is being discussed is in relation to credit cards, line of credits and car loans.  These types of debts are monitored but not legislated.  Allowing consumers to get more and more unsecured credit.  Rarely do these types of credit approvals take into consideration your actual costs should you use the full limit.

A Mortgage approval will go through fine detailed information, although the process is smooth and easy- the overall income vs debt has very firm maximum’s.  Once we review all of your information we can advise you as to exactly what you qualify for and can realistically afford.  We then can provide you a pre-approval to start house-hunting within the same day!  **OAC (on approved credit**)

Call today 306.933.3386 OR Apply online and the information will come directly to me.  This will allow me to start working on your request immediately!

 

~Tammy Wandzura Mortgage Broker

 

 

Call Tammy Wandzura today at 306 933.3386 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

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share The Dwell Guide to Smart Design in Small Spaces

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on The Dwell Guide to Smart Design in Small Spaces:

Tight quarters prove especially challenging. If you're at a loss on how to squeeze the most out of your small space, consider the expert advice and furniture pics that will help you bantam-sized rooms feel like disign heaveyweights - no mirror tricks necessary.  

"Choose, prioritize, proportion, and twist the ingredients.  It may sound like a pradox, but sometimes to make it all work, you should even lose some space" - Thierry Gaugain, industrial designer of just about everything, including a 11-sqaure-foot-bathroom cabin.

 

"Our desire was to have the space appear as though they were carved from a single block of wood, with the movable pieces an integral part of the overall composition," says designer Jeff Vincent of a 520 sqaure foot backyard retreat in Portland.  "This created a feeling of seamlessness."

 

Furniture that folds flat, like the Profile Chair, all but dissappears when not in use.  Consider pieces like these to accommodate extra guests in a pinch.

 

Architect Philip Ryan placed flourescent bulbs that mimic daylight in the ceiling alcove of renovated Brooklyn aparment.  The glow refecting down the walls makes the room feel more expansive.  He removed interior walls and crafted a hallway spanning the length of the residence to increase the flow of light and air throughout.  "Even when your're in these relateively tight areas, the eye doesn't focus on the smaller moments - your're getting borrowed views from the other rooms, making the space feel more generous," he says. 

 

 "Pick the thing that you want to do well.  It's not about trying to have every single function.  If it's not doing anything to improve the experience, then take it away." - Peter Cooke, Design Lead for British Airways

Incorporate thinly outlined furniture pieces into your small space and cut the visula clutter. Wire frame pieces, like TT by Ron Dilad for Adel-C, accomplish this slender look.

 

 "Many tiny houses are steep gabled and pitch-roofed, but if you build a little place, I'd go for a curved roof.  It feels cozier to me. The dimensions of the space recede and you bring the outside in.  And if you live in a decent climate, put your bathroom outside." - Lloyd Kahn, editor of the 1973 DIY classic Shelter.

 

"Because the space is so small, I can't just bring anything home," says architect Page Goolrick of her 560-sqaure foot New York City Apartment.  "This is kind of a like a great hotel suite with kitchenette, and I like that becuase it keeps me light and free.  Editing is a big part of the (design) process."  She designed sliding partitions that when closed still allow light to flow through her space, and when opened reveal cocoonlike sleeping quarters.

Designed in 1963 to match a similar molded plywood chair, these space-efficient nesting tables by Grete Jalk have been reissued by Lange Production in Denmark.

 

"It's all about creating cozy spaces, but deliverately so.  Design, especially in a small space, should feel intentional.  What's most important is not to over-compartmentalzie.  Allow for flexibilty." - Kate Grogan, a Los Angeles-bases designer for Poliform.

 

Find them on Facebook here!

 

Tammy Wandzura a Trusted Saskatoon Mortgage Broker Expert welcomes Summer

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy welcomes Summer:

With Summer (finally) upon us – the real estate world slows down a touch. Everyone is packing up and heading to the lake, the mountains or on their annual family vacation.

It is absolutely normal to see Real Estate sales Slow down in July and August for these reasons alone.

Our summer is short and everyone’s entire focus is on enjoying the sunshine and their vacation time.

As your Saskatoon Mortgage Broker I can pre-approve your mortgage application and RATE HOLD You for 120 days (4 months)

**that locks your rates into November 2014 already! This allows you to lock in these amazing Summer time rates.

You can start shopping for the perfect home once things settle down- even waiting until the rush of back to school is complete!

Fall is a very (very) busy time in the Real estate world.

Most professionals in this industry will tell you that Fall can be as busy as the Spring months and sometimes even busier.

Most people work hard towards getting into homes before the snow flies and everyone wants to be settled long before Christmas.

Locking in a 5 year fixed at 2.99% today allows you the flexibility to take your time and find the perfect home. Should rates go up - your rate is safe until your rate hold expires. If rates go down we will lower the rate. It’s that simple! Visit my website today at www.elitemortgagechoice.com and APPLY online. Or call my office at 306.933.3386

I can work behind the scenes as you are enjoying the sun and sand of summer.

Did you know:

Many lenders are changing their advertising this summer to reflect “Cash backs”. I have seen ads showing “Cash back” up to $15,000.00. These mortgage products are available through the Mortgage Broker channel as well. Rates will always be higher with a Cash back mortgage; because the reality is that lender has to find a way to earn that money back with interest. You are paying long term for that cash, it is not free money.

Through the Broker channel the Cash Back mortgages are going to have better rates than the Local lender.  **But the rates will still be higher than the lowest advertised rate.  Call me today for more info if a Cash back mortgage is something that you are interested in

Did you know:

Many lenders are advertising that they will pay the fees and penalties to renew your mortgage.  If your renewal is coming due there is never a penalty to move to another lender.  Renewal time is a perfect time to consider what other lenders have to offer with both rate and product. There is no cost to moving from one lender to another at renewal time. No legal fees and no cost.

Is your Mortgage Renewal coming due?  Call me today!

The key is to review the information and determine what options are available on the market for you

Did you know:

As your Saskatoon Mortgage Broker I work for you not the Bank.  We have very strong relationships with all of our lenders and Banks.  This allows us to be experts in everything mortgage related.  Offer you the best rates, the best products, and the fastest turn around time and service.  But at the end of the day our main objective is ensuring the client is getting the best product.  We work for you and with you today and for the life of your mortgage to ensure that you are mortgage free sooner than later all while meeting your other financial goals.

Have a GREAT Summer and do not hesitate to contact me with any questions

Best Regards

Tammy Wandzura

 

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

 

Tammy Wandzura a Trusted Saskatoon Mortgage Broker expert shares a tip on Fixed VS Variable- What is the FINE PRINT?

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy shares a tip on Fixed VS Variable- What is the FINE PRINT?

As the weather warms up and the grass & leaves turn green the Real Estate market starts cook'in!

It has already been a busy start to the Spring season - with expectations that it will get much busier.

It's the perfect time as a BUYER to have many options available on the market and as a SELLER to list and sell in the hot season.

The City of Saskatoon is estimating this year to be one of the biggest years for construction...and we are all witness to this by taking a simple drive into any of the new areas. Between new commercial spaces, new residential builds and new roads and infrastructure Saskatoon is growing by the minute!

All this while Mortgage Rates continue to stay at all-time LOWS.

The Prime rate has not increased for over 2 years; the fixed rates ranging from 2.99%-3.09% are as low as we have seen them and the Variable rate mortgage discounts are being re-introduced with Deep discounts off Prime giving borrowers the opportunity to sign into some of the lowest mortgage rates in history!

Confused on the differences between Fixed vs Variable: What is the best option for you?

There are a few determining factors:

1) Qualification: To qualify for a Variable rate OR a fixed rate mortgage under a 5 year term-you must be able to qualify at a higher interest rate. This is a federally regulated rule and can mean that not all buyers have the opportunity to consider a Variable Rate or a lower term.

2) Payment Affordability: Many home owners choose a Fixed rate mortgage as it gives them the security of knowing their payment will NOT change. With a Variable Rate mortgage your payment can fluctuate as PRIME moves.

What is MY advice?

In this Rate market it really comes down to choice and how risk adverse you may be. Some clients that may easily afford to qualify for a Variable rate mortgage simply do not feel comfortable. They are used to a fixed rate- they don't have to worry, pay attention or concern themselves with anything mortgage related until renewal.

If you have the flexibility of CHOICE and you can choose either option- I would suggest you highly weigh the pro's and cons' directly related to your application regarding the Variable rate mortgage.

The Variable rate can indeed fluctuate - however with discounts ranging from Prime-.50% (2.50% as of today) to Prime-.60% (2.40% as of today) Prime would have to jump by over 1% for you to see a seriously negative effect.

I also only work with lenders that allow my clients the flexibility of portability and transfers. Meaning if you sell your home and buy anywhere else within Canada we can look at moving or porting your mortgage to the next property. Once your renewal comes due my lenders will allow you the option of leaving them with no cost or penalty if you choose to for any reason.

I point out the above information - as it is very important to read the fine details when signing any MORTGAGE or Lien on your home.

The most recent Rate announcement of a Variable rate being offered at Prime LESS 1+% has many strings attached

Many of them you may be able to work with- but the one that is most important to consider is the non-transfer clause.

That means they are registering it as a collateral mortgage.
At renewal it is NOT transferable to a different lender that may have a better rate or product for you.
To move lenders you would be forced to do it as a refinance.
Canadian Legislation only allows you to refinance if you have 20% equity in your home. That means for new home owners jumping on this new rate- with a 5% minimum downpayment today, it is unlikely they will have built 20% or more equity in 3 short years and will be forced to renew with this particular lender. What will this lenders rates be when they know the client has no choice?


Setting yourself up for a situation where you have no choice is a scary decision.

We highly suggest you continue discussing your best options with your Mortgage Broker so that we can weigh all the pro's and con's regarding your direct situation.

Did you know it's a GREAT Idea to pre-qualify and get pre-approved asap?

Our rate holds and pre-approvals last 120 days (4 months).
Often throughout the Spring months the lenders will compete with their rates. Locking in will ensure you get the best and lowest rate from now until your possession date

I invite you to visit my website and read our client testimonials.
If you are struggling with the decision of BANK vs BROKER or which BROKER should I use; I always suggest reading the comments from real people that have used our services over the years and can report to you what our strengths are!

To all my past and current clients: Thank you so much for your continued referrals and support.

For those that didn't know I recently (1 year ago) opened a furniture and home decor store called First Avenue Furnishings
#1-511 1st Ave N Saskatoon

It has been very rewarding, a huge challenge and a huge learning curve

It has strengthened my Mortgage Business & my relationships even further- as we have created such a niche space that my clients just love!

When you come to visit you really feel warm and comfortable!

We are officially experts in everything HOME Related from beginning to end!

I hope you all have a wonderful summer! Enjoy as much time as you can with your families at the lake or on your road trips!

Any questions mortgage related- give me a call as I would be happy to help!

Best Regards
Tammy Wandzura
306.933.3386

Categories

Previous Posts

ADDRESS

S & E Trusted Online Directories Inc
TrustedSaskatoon.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

GET THE APP

App Store Google Play
Follow us on Facebook Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting