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 Shares Why Customer Service Matters!

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 believe 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! Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time. In her latest Mortgage tip she shares why experience and service matters

Experience Matters In The Mortgage Industry 

The Customer service experience is the highest priority for us. That is why we treat each “transaction” like our very own mortgage approval. This means that you, the customer, gets great service, great communication, great follow up, speedy approvals and the best rates! 

We believe that every experience is more than just the “mortgage”. It’s about making connections with YOU, by having amazing communication and really CARING about all your needs! Providing you with excellent customer service is fundamental to us being a quality mortgage broker, by preparing you for the application process and answering any questions that you may have during the process to ensure that the process is as smooth and stress-free as possible. 

We have all sadly lowered our customer service expectations. We expect to wander around the department store looking for anyone that may be able to answer our question, we expect to call our Dr’s office to have someone not happy about us calling on the other end of the phone, we expect to call our bank and have an appointment set 7-10 days later.

This means that nowadays you don’t expect OUTSTANDING. But you SHOULD! 

Thankfully, we do expect outstanding, and always ensure that we deliver on that promise. We understand that the Customer Service Experience is WHY we have “life long” clients, and WHY our business is built on referrals from happy clients. This emphasises that our focus throughout the whole mortgage process is on YOU! However, no matter which mortgage broker you choose, YOU should always be the priority. 

Your WHY is our WHY.

We will ALWAYS build relationships and trust with our clients, because we think that your expectations should be EXCEEDED! By making sure that your expecations are met we all end up winners, and that is how we will always operate at Tammy Wandzura! Make sure that you never expect anything less. 


Call Tammy Wandzura today Saskatoon mortgage needs OR visit www.elitemortgagechoice.com

Tammy Wandzura is a Trusted Saskatoon Mortgage broker

Trusted Saskatoon Mortgage Experts At Your Mortgage Now Explain Refinancing Your Mortgage with Home Equity

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. Your Mortgage Now are Trusted Saskatoon Mortgage Experts

How can you Refinance your Mortgage with Home Equity? 

re financing mortgage saskatoon

With spring just around the corner you might be thinking about renovating the house, sprucing up the backyard or even purchasing your first cottage. Refinancing your mortgage may allow you to find the money that you need for these aspirations.

The first thing that you have to consider is how much equity has built up in your home since you started paying down your mortgage. Your home equity – your home’s value minus the balance of your mortgage – is available for you to withdraw and invest in a number of ways, including home renovations, additional real estate, post secondary education and much more. Has the property value increased? Decreased? You can obtain a realistic figure by getting a market evaluation on your home. By multiplying your current market value by 80% this should give you an idea of how much you would be able to borrow for your new project.

The second thing is to look at different options when it comes to realizing your goals and every individual situation is different. Some choices that a person can look at are:

  • A new mortgage (the amount of your existing balance plus the amount that you would like to borrow);

  • A home equity line of credit;

  • A combination of a mortgage and line of credit.

The third step would be to sit down with Devin or Wes, your mortgage specialist and assess your different needs and that is why we are here to help you answer these important questions. So contact us today and we will help you come up with the best strategy for your lifestyle.

Do you have questions about refinancing your mortgage? Visit our website at www.www.yourmortgagenow.ca


Check out all they do, reviews and tips on their listing here: www.trustedsaskatoon.com/listing.aspx?lid=208

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

Your Mortgage Now are Trusted Saskatoon Mortgage Brokers


Trusted Saskatoon Mortgage Broker Tammy Wandzura Warning About Buying A New Car Before a Home

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura a 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. In her latest mortgage article, Trusted Saskatoon Mortgage Broker, Tammy Wandzura discusses why you should hold off on buying that new car if you are looking to buy a home.


1st Time HomeBuyer- Hold Off Buying The New Car!




















Thinking of starting the house hunting process?? Did you know that a vehicle payment can significantly affect your ability to qualify for a mortgage? Buy The House and THEN The Car " Tammy Wandzura
Federal mortgage guidelines require that your income can handle all of your debts (that you currently have) PLUS the new mortgage payment, property taxes and heat payment.  The NEW mortgage rules are more strict and rigid than ever - and require you to be very conscious of what your debt load looks like. 

 

An Example! 

If you have a car payment of $500/month - that is $500 a month less that can go towards your mortgage payment and expenses. If you have a BIWEEKLY car payment (a biweekly payment comes out of your account every 2 weeks) you make a payment 26 times in a year. If your car payment is $200 biweekly - that does not mean you are paying $400/month... it means you are paying $433.33/month. This is the number the mortgage company will use when calculating your debt. 

The Math: 

1. If you have a car payment of $433/month AND assuming you have good to great credit

  • Income is $50,000/year
  • Max Purchase Price $180,000
  • 5% down = $9,000.00

2. IF you do NOT have a car payment (same good credit, same income)

  • Max Purchase Price $225,000
  • 5% down = $11,250.00

That is a $45,000 difference in borrowing power and may allow you to purchase the type of home in the neighbourhood you are hoping to live in! After you have taken possession of your home - you can easily qualify for a Car Loan with a number of banks or dealerships. Qualifying for a home (mortgage) is a very different process with much stricter rules.

Keep In Mind:

Even with strong income, depending on the area you wish to buy a home - a vehicle payment can seriously and negatively affect your ability to qualify for the house you want to buy.


Buy the house and THEN the car!! Spread the word and tell your friends. Many FIRST TIME HOME BUYERS do NOT know this! 

You're paid off "middle of the road" vehicle is not looking so bad now, is it??


Call Tammy Wandzura today at 933.3386 for all of your Saskatoon mortgage needs OR visit www.elitemortgagechoice.com she is a Trusted SASKATOON MORTGAGE BROKER! 





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 Instagram Linked In Twitter YouTube RSS Feed
Abex
Abex
Stevies
Sabex
NEYA
Website hosting by Insight Hosting