Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Mortgage Brokers Your Mortgage Now Tip On Purchasing Property During the 2020 Coronavirus Pandemic

Buying a home is one of the most important and exciting steps in your life.... found the home you want now you need a mortgage. Deal with people who can offer you and your family the best options.  Devin Cristo and Wes Will of Your Mortgage Now are Saskatoon Mortgage Experts and they have many years of experience helping individuals and families by offering mortgages from a variety of lenders. Your Mortgage Now are Trusted Saskatoon Mortgage Brokers, in their latest Saskatoon mortgage tip they share tips and advice on Purchasing Property During the 2020 Coronavirus Pandemic. 


What  Are Your Top Questions About Purchasing Property During the Coronavirus Pandemic?


The coronavirus pandemic has thrown millions of people's financial plans off the rails, and that certainly includes home buying. If you were hoping to purchase a property soon, you no doubt have a lot of questions—about whether it's possible to buy or tour a house now, COVID-19's impact on home prices, and more.


Is now a good time to buy a house, financially speaking?

From a financial perspective, there are certainly some advantages to buying a home right now. For one, mortgage interest rates are historically low, which means your monthly housing payments will be lower, too. And putting a property under contract now and locking in a low interest rate gives buyers more control than living in a rental where rents might go up.

Another big consideration on the financial side of the home-buying equation comes down to competition. The coronavirus has dissuaded some home buyers from home shopping for the time being. So buyers who do venture out face less competition, which could put them in a stronger position to negotiate with sellers.


How has the coronavirus affected home prices?

The coronavirus has the world economy in turmoil. But so far at least, this does not mean that home prices have plummeted across the board or that buyers can lowball their way to a bargain. Instead, in most real estate markets, home inventory remains very tight.

"I don't expect the slowdown to be like the last recession where prices fell," says realtor.com chief economist Danielle Hale. "There are more than enough buyers out there to keep home sales from slowing in any major way.”


Is it safe to buy a house now?

While no one can guarantee you won't catch the coronavirus, the real estate industry has worked to prioritize buyers' and sellers' health by eliminating personal interactions almost entirely during the pandemic. Even as different states reopen, you can still do most aspects of the home-buying process remotely, or at a safe social distance, when it comes to your home search that you may not have considered doing in the past.

First, you can find and interview Saskatoon and area Realtors virtually. While showings may not be easy to arrange because of shelter-in-place orders or continuing health concerns, most real estate listings now offer virtual tours.

Should I buy a house sight unseen?

While buying a house sight unseen has long been the only option for people relocating due to a new job or military service, the trend has been on the rise for more and more folks. In fact, according to a realtor.com survey of 1,300 consumers during the week of April 5, 24% (or 1 in 4) said they'd be willing to buy a home without seeing it in person.

Buyers who consider buying a house sight unseen generally have some comfort level with the neighborhood and know the market. And according to realtor.com senior economist George Ratiu, the comfort level of buying a house sight unseen may come down to age.

"Younger cohorts are more inclined to rely on detailed photos, virtual tours, or live video instead of an in-person visit, with 31% indicating they would be willing to buy sight unseen," says Ratiu.

Even if you're buying blind, you shouldn't operate completely in the dark. Here are some features that buyers find most helpful in such a home search.

  • The ability to take a virtual tour of the home
  • Listing and neighborhood information that is accurate and detailed
  • Plentiful, high-quality listing photos that show the property's interior and exterior
  • An agent or landlord who can walk a buyer through the property via video chat

Ask for more advice on how to buy a home sight unseen before you commit to a purchase.

What Else? 

  • Figure out how much home you can afford: The pandemic has roiled markets and caused tremendous economic uncertainty. So you'll want to carefully consider how much home you can afford and err on the conservative side. Contact us to help you determine your monthly mortgage payment.
  • Secure mortgage pre-approval: Now it’s more important than ever to get pre-approved to show sellers you’re serious when you make an offer. Pre-approval shows how much a lender will loan you, assuring the seller that you’re financially capable of buying a home.


No time for an appointment?  No problem! You can apply online with Your Mortgage Now!

'It costs you nothing... saves you thousands'

Your Mortgage Now are Trusted Saskatoon Mortgage Brokers

Trusted Saskatoon Mortgage Broker: Tammy Wandzura explains the Mortgage Approval Process

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

Mortgage Approval Process

Being READY, ORGANIZED and ENGAGED are the keys to a successful Mortgage Approval process.

We are here to walk you through the steps from PREAPPROVAL to POSSESSION date so that you have the information you need to make big decisions in a timely manner.


  • As your Mortgage Broker, we are here to do a full pre-qualification.
  • We ensure you have ALL of the information you need to make informed decisions about the largest purchase and investment you will ever make.
  • We are Provincially legislated to work in your best interests.
  • There is no cost to using our services.
  • We are knowledgeable about everything related to mortgages, including any new mortgage rules or requirements that may impact your decisions.
  • We review your file and find the best lenders, rates, terms and conditions that meet your current and future financial goals.
  • We are speedy.  Our response times include evenings and weekends when necessary to keep your file moving in a timely manner.
  • We walk you through every step of the process in an easy to understand manner.
  • We organize the process for you so that the entire experience is exciting and well understood.
  • We really care.  Although most of our process is over the phone and email, we are located locally and we are here for you every single step of the way.

Each applicant will have different information that has to be collected depending on their employment status, length of time at employer, where the downpayment funds are coming from and overall credit health.

We collect ALL of the needed supporting documentation along with a FULL application at the time of pre-approval request.

This ensures that the information we have on file will match what the lender will accept and support once you have an accepted offer in on a home you wish to purchase.


We are here to walk you through each step of ‘the process’.  We are not the bank. We are here to ensure that we structure the application and the mortgage approval request in a way that the lender will support and easily/quickly approve, all while setting up a mortgage that meets your future needs and financial goals.

We make the process as simple as possible.

Our motto is: Mortgages. Simplified.

In saying that there is information you must disclose and paperwork that must be provided in order for us to present the best lender options and rates available on the market.

Unfortunately, we cannot run hypothetical figures based on the information we gather from you over the phone.  We do need a full application and supporting documentation.

We are here to create a success story for you.  The more organized we are in communicating solid information to you; the simpler the process for you. 

Why do we check your credit when you are only asking for a PRE-APPROVAL?

Your credit score is a huge key to the entire mortgage approval process.

The new mortgage rules outlined by the Federal Government in October 2016 made your credit score more important than ever.

Your score and the overall health of your credit will determine what lenders may consider your application, your total maximum purchase price and rate in some cases.

Your credit is important to us!

Our goal is to ensure your credit is healthy and stays healthy through the life of your mortgage (25 years), to ensure we can assist you with your renewal options in the future.

We are happy to provide tips and suggestions to build stronger credit throughout the pre-approval process.

We have a 5-star review on GOOGLE because we treat each transaction like our very own mortgage approval.

Our database has been built from amazingly happy clients that refer our services to their friends, family and colleagues.

We are speedy, knowledgeable in everything related to mortgages and we are able to provide same-day pre-approvals.  

Communication is the single most important part of the entire transaction.  We explain things thoroughly and clearly, in a way that you can understand.

Most important we are always here with you through the process to answer any questions that may come up.

What is the process?

We are dedicated to amazing communication – which includes speedy reply time.

For that reason, we have an amazing process that allows us to move fast even if you have tight timelines to meet.

  • APPLY ONLINE at www.elitemortgagechoice.com
  • This information comes directly to us and allows us to start a file for you
  • We will be in touch with you to fill in any gaps that are unique to your situation
  • We will provide you with a list of paperwork we need to review and add to your file
  • Documents should be sent to us electronically when at all possible
  • We will then provide you with the numbers of your mortgage pre-qualification for your full review
  • We are able to provide referrals to Realtors, Lawyers, Home Inspectors etc (if needed)
Most of our process is done over email, online, phone and fax.  

We are always available via email OR phone 306.933.3386 to answer any questions.

You will be hearing from Tammy (Mortgage Broker), Marie (Tammy’s Executive Assistant) or Brydon (Mortgage Associate) throughout the process of your application.

We can review your information now to prepare you for the future.

Thank you for taking the time to read and educate yourself on what steps you may need to take to consider homeownership.

I am here to work with you every step of the way!


Tammy Wandzura is a Trusted SASKATOON MORTGAGE BROKER  





Trusted Saskatoon Mortgage Broker: Tammy Wandzura – Your downpayment and what you NEED to know

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! 


Saskatoon Mortgage Broker: Tammy Wandzura – Your downpayment and what you NEED to know


Downpayment for a new home: Seems like a pretty easy thing to understand. NO?

If you wish to purchase a home you need a downpayment. YES.

In most cases the minimum downpayment is 5% of the purchase price.

Proof of DOWNPAYMENT is one of the trickiest things for most people (first time home buyers OR repeat buyers) to understand.

Years ago a home purchase consisted of a verbal agreement and a handshake. Gone are the good ol’ days.  
  Today: due to money laundering and fraud minimum banking standards and policy requires every consumer (regardless of their income level, credit score or net worth) to provide the lender confirmation of funds being used for a downpayment in a very specific format.

Your lender will be verifying your down payment prior to full approval.  It’s required by all lenders to protect against fraud.

The lenders also are required to prove that you are not borrowing your down payment. Borrowing your downpayment can change your lending ratios and your ability to repay your mortgage.

There are no gray areas with proof of downpayment rules. There are no exceptions to the rules relating to proof of downpayment.

Every single consumer that wants to borrow money for a home (from any lender) needs to be able to viably prove downpayment.
EVEN IF: you are purchasing a $500,000 home and putting down $475,000 and only need a $25,000 mortgage – the rules still apply to you.

HOW CAN I MAKE THINGS EASIER FOR YOU?


 Follow our guidance and advice.  We are here as your Mortgage Expert to help you through what some of my clients have called a “minefield” of mortgage rules. By following our advice the entire pre-approval to possession date process is quite simple, efficient and speedy.

Get PRE-approved.


This simple step will allow us to gather and review your important and unique details UP FRONT-BEFORE you go house hunting and have very limited time restrictions to meet for your final approval.
   

Let us ask the hard questions up front.

If you are applying for a mortgage be prepared for full disclosure relating to all of your finances. Lenders will not even consider reviewing an application if something is left out or not clearly outlined.
We ask ALL of the hard questions up front so we can package the information in a way we know the lenders will accept it or consider it.
 If your downpayment source is questionable (cash from tips, cash from the sale of a vehicle, a gift from a family member, ETC)- run it past us so that we can provide tips on what the bank will need to see when you proceed with an offer on a home.  We are not the bank. We are here to provide you with the information you need to make educated decisions on what the bank WILL need to see so you can properly prepare yourself.
WHY do we ask the hard questions up front? To avoid delays for you when you need the final mortgage approval. To avoid disappointment and lost opportunities on homes you may want to purchase because the appropriate information and paperwork are not organized for the lender to review.

Send us your paperwork immediately.


We prefer to review ALL of your paperwork up front BEFORE you start house hunting with your Realtor.
We will provide you a detailed list of every document we need to review. Send this to us immediately.
This allows us time to review and ensure that the paperwork we have on file is exactly in line with what the lender will need when we request your final approval.
If we are missing something we will ask for MORE.
The more we ask for- simply means we are better preparing your file to get a speedy approval at the very best rates with the very best lenders.
The less information we have upfront will mean more information you have to provide to us last minute. This always creates un-needed stress for you throughout the home-buying experience.

Remember we are working for YOU. 


Not only are we Provincially legislated to work in the “consumers best interest” by the “FCAA” (Financial and Consumer Affairs Authority) BUT we just generally want to make the entire home buying experience seamless, stress-free and easy for you from PRE-APPROVAL to POSSESSION date.
We are not asking for paperwork that we will not need and we are not asking for anything to make things more difficult.
The more prepared YOU ARE – the faster the final approval process will happen for you.

Not every Mortgage is created equal.


Although you may be receiving advice and guidance from many sources (Online, Mom, Dad, Grandparents, friends, neighbours and colleagues) please know that every single person’s finances, employment situation, debt load, other financial obligations, credit score etc are vastly different and unique.
The differences in each mortgage request will mean different requirements for different people.
Mortgage rules have changed immensely and aggressively in the past 10 years and the approval process may be different for you than it was for your friend.

Saving for a down payment is often one of the biggest challenges.


The source of your down payment could come from your own savings, a gift from a family member, your RRSP if you’re a first time home buyer or from the proceeds of selling your current home.

EXAMPLES of DOCUMENTS YOU WILL NEED TO SHOW WHEN VERIFYING YOUR DOWN PAYMENT

1. Savings/Investments: If you’ve saved enough money for your down payment your lender will want to see a CURRENT 3-month history (90-day transaction history) of any account you plan on using for your down-payment. (Savings/TFSA/RRSP/etc)


Your statement will need to clearly show your name and your account number.  Any large deposits will need to be verified. Example: You sold a dirt bike and deposited $6000 into your savings account.  A few days later you transferred it to your TFSA. In these examples, you will have to provide a 90 days statement from your savings account and your TFSA.   Any transfers between accounts from one account to another will need to show a record of the money leaving one account and arriving in the other.  The lenders want to see a paper trail of where the money came from and how it got in your account.

A screenshot of a quarterly statement from last Summer just won’t do it.

2. Gifted Down Payment:  Mom and Dad (or ANY IMMEDIATE family member) can assist you with your downpayment. You will need a signed gift letter from your family member that states the down-payment is indeed a gift and no repayment is required on the funds.

The lender will also require that we show the funds have been deposited into your account no later than 15 days prior to closing.

3. Using your RRSP:  If you’re a First Time Home Buyer, you may qualify to use your Registered Retirement Savings Plan (RRSP) for your down payment.

Verifying your down payment from your RRSP is just like verifying from your savings/investment accounts.  You will need to show a 3-month history via your account statements with your name and account number on them.  Funds must have been in your account for 90 days.

4. Proceeds From Selling Your Existing Home:  If your down payment is coming from the proceeds of selling your current home you will need to show your lender a fully executed purchase and sale agreement between you and the buyer of your home.  If you have an outstanding mortgage on the property, you will also have to provide an up-to-date mortgage statement.

5. Money From Outside Of Canada:  Using funds from outside of Canada is acceptable.  The country of origin will determine the type of documents required by the lender. In some cases – some lenders require the funds are in Canada for a minimum of 30-90 days.  In these situations, it is good to review your options and timeline restrictions before starting the house hunting process.

Verifying your down payment will always require you to show documentation of where the money originated from. All large deposits need explanations and/or paper trails.

Want to make things easy?  Preparing to become a homeowner?

Use ONE bank account to save your downpayment. Avoid multiple transfers among multiple accounts. (Remember we need a 90-day transaction statement for each account that your money has moved in and out of). If you have been gifted funds from Mom, Dad, Brother, Sister etc, advise them they may need to sign a Gift letter.  If you have sold ANYTHING gets a bill of sale and deposit that amount of money directly into your bank account so that the bill of sale and the deposit match up exactly.  Been saving your TIPS? Or Birthday Money for years? GET THAT money deposited asap. It has to be in your account for 90 days before it can be used without a paper trail to authenticate the funds as per the rules above.

We can review your information now to prepare you for the future.

Thank you for taking the time to read and educate yourself on what steps you may need to take to consider homeownership.

I am here to work with you every step of the way!

Apply ONLINE or call me at 306.933.3386



Trusted Saskatoon Mortgage Brokers Your Mortgage Now Offer Their Clients Extra Value

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!


Did you know Your Mortgage Now has a trailer that it loans out for free to clients to help them with their move? Recently Victoria moved and took advantage of this great service. 

This is what Victoria had to say:

"I recently used the your Mortgage Now Trailer to move from my basement suite to a new fourth floor one bedroom apartment. Right from the time we set up to use the trailer until the day move day Devin and Wes were nothing but helpful. Wes helped us get the trailer hooked up and made sure we had a good understanding of the trailer.

 

 







Bright and Early Saturday we got to load the trailer with the furniture thinking that would be one load that was done. My dad or the organisers said to start on boxes till it was full.  We just kept going and going and before we knew it the apartment was almost empty and the trailer was still not full. In the end it came down to pretty much fitting a one bedroom apartment into that trailer. 

 


So in 1.5 trailer loads and way to many stairs to count we moved 
way up in the world(5 floor from a basement suite to 4th floor) very quickly (5 hours) and easy; Big Thanks to Your Mortgage Now!" - Victoria








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The Trusted Saskatoon team brag about your latest Trusted Saskatoon Mortgage brokers Your Mortgage Now

www.trustedsaskatoon.com  loves partnering with amazing businesses, and we are proud to introduce our newest partners in the Trusted Saskatoon Mortgage category – Devin Cristo and Wes Will with Your Mortgage Now! This team has been helping individuals and families finance their dreams for years, and they always welcome the opportunity to try their best to save you THOUSANDS! (who couldn’t use that kind of advice!!!!) .

 

Personally, when I bought my home, I had no knowledge of the Mortgage industry, and did not know a heck of a lot about mortgage brokers and what they do to help. I felt “safe” dealing with the bank…so that’s what I did. Wow. What a mistake! I had no idea that just by working with a mortgage broker, I would be working with someone who had my best interests at heart… not theirs; someone who would work with you to find the best mortgage rate possible….not the one that guarantees the bank a profit. The team at Your Mortgage Now are experts there to help you and your family regardless of your situation. If you are looking to purchase a new home, Devin and Wes can help you discover how much home can you afford and whether you should be locking in to a fixed rate or taking advantage of a variable mortgage rate. Your Mortgage Now offers you expert advice on how to save money and pay off your mortgage quickly, and can get pre-approval for you in as little as 24 hours! They are there to help with mortgage renewal, where you can look at over 20 different mortgage lenders with no cost to switch.

 

 

Devin & Wes together with Jillian Hare the Office Manager , whos dedication and creative process are a great asset to the company and Nicole Kozar,  Mortgage Assistant who is studying to become a Mortgage Professional and is eager to help.  

 

 

Need to do some major renovations? Or perhaps you just need to consolidate debt and get out from under some payments….Your Mortgage Now also provides mortgage refinancing services so that you can reduce your interest costs and move forward. Go talk to them! Not so much of a chatty Cathy? Apply online! Just like they say…..”it costs you nothing, and could save you thousands!”

When asked what sets them apart Devin Cristo said that “. I am always free to help. Your home is my priority.” and Wes Will said “I am always free to help. The most important mortgage is YOURS!!!”, and cleaerly they mean it , as all their clients  that we spoke to agree that they deserve to be a Trusted Saskatoon Mortgage Experts!

 

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129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

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