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Buying a home, refinancing a mortgage, or trying to understand mortgage rates can feel like a lot. There are countless articles online, conflicting advice from friends and family, and enough mortgage terminology to make anyone's head spin.
Buying a Home
Whether you’re buying your first home, your next home, a recreational property, or something that earns you a little extra income, we can help.
Pick the option below that best fits what you’re looking for and we’ll point you in the right direction.And while you’re here, take our Mortgage Calculator for a spin. It’s a pretty handy little tool.
Buying Your First Home
Buying your first home is Exciting.
It can also be a little nerve-racking.
But don’t sweat it. We’ve got you covered.
Before you start scrolling through listings and mentally arranging furniture in houses you don’t own yet, here are a few things worth knowing.
Get Pre-Approved
Before falling in love with a house, let’s make sure you can actually buy it.
Mortgage approval involves more than finding a house you like and asking a lender nicely.
There are a few major things lenders look at when deciding whether you qualify. We call them The Big 4.
Want to know what they are?
Not sure what lenders look at? Call or text us at 306-205-1270 and we’ll walk you through it.
Ask Questions
Seriously. Ask questions.
You’re applying for a mortgage, not ordering a pizza.
You should understand what you’re getting into, what your options are, and why one mortgage might be better for you than another.
Take your time. Get the information. Make an educated decision.
And while you’re at it, it probably wouldn’t hurt to understand Mortgage Insurance too.
Not sure how mortgage insurance works? Call or text us at 306-205-1270 and we’ll explain what applies to your situation.
Have a Budget
Knowing what you can afford and knowing what you’re actually comfortable paying are two very different things.
Your mortgage payment is only part of the picture.
You’ll also have things like property taxes, utilities, insurance, maintenance, and all those fun little expenses nobody gets excited about when buying a house.
Want to see what your mortgage payments could look like?
Try Our Mortgage Calculator
Be Prepared
Buying a home comes with paperwork.A lot of paperwork.
Income documents, bank statements, identification, down payment verification, and potentially a few other things depending on your situation.
The exact documents vary from person to person, so it helps to know what you may need before someone starts asking for it.
Not sure what documents you’ll need? Call or text us at 306-205-1270 and we’ll tell you exactly what to have ready.
Don’t Act on Impulse
This is a big one.
You find a house. You love the kitchen.
You can already picture yourself drinking coffee on the deck.
Suddenly, the sky is falling and you HAVE to buy it before somebody else does.
Slow down. Take a breath.
Buying a home is a big decision. Make sure the mortgage, the payment, and the property actually make sense for you.
Everything happens in its own time.Profound, right?
We probably stole that from a fortune cookie, but it still makes sense.
Don’t Confuse a Low Rate With a Good Mortgage
Everybody loves a low rate. We do too.
But the lowest advertised rate isn’t always the best mortgage.
Sometimes that shiny little rate comes with restrictions, penalties, or conditions that make it a lot less exciting once you read the fine print.
Our rates are competitive, but more importantly, we want the mortgage itself to make sense for you.
If another lender is offering something that looks almost too good to be true, it might be worth finding out why.
See a rate that looks too good to be true? Call or text us at 306-205-1270 and we’ll help you compare the fine print.
Make a Checklist
Bought the house? Awesome.
Now you just have about 47 other things to remember.
Moving company. Utilities. Address changes. Insurance. Internet. Keys. Boxes. More boxes. Somehow even more boxes.Having a checklist makes the whole thing a lot easier.
Luckily, we made one for you.
You’re welcome.
Download the Homebuyer Checklist
Self-Employed?
Mortgage qualification works a little differently when you work for yourself.
Self-employed? Call or text us at 306-205-1270. Mortgage qualification works a little differently and we’ll help you figure out what you need.
New to Canada?
There are mortgage options available for newcomers too.
New to Canada? Call or text us at 306-205-1270 and we’ll walk you through the mortgage options that may be available to you.
See?
That wasn’t so painful.
So... are you going to keep reading mortgage pages all day, or are you ready to take the next step?
Buying Another Home
In our humble opinion, one of the coolest mortgage options out there is the Second Home Mortgage.
This can be a great fit if you’re buying something like:
And here’s the part people usually like.
Depending on the situation, you may be able to purchase a qualifying second home with as little as 5% down.
Of course, we’re going to ask where that down payment came from.
We’re mortgage people. Asking questions is kind of our thing.
Not sure whether your down payment source works? Call or text us at 306-205-1270 and we’ll help you figure it out.
Helping Family Buy a Home
Here’s where things can get interesting.
Sometimes a family member can afford a home but doesn’t qualify for the mortgage on their own.
In certain situations, buying the property as a second home may be an option.
And depending on the mortgage, there may even be an assumption option available.
No, this has nothing to do with assuming Santa is real.
Stay with us.
What Does Mortgage Assumption Mean?
Let’s say your daughter wants to buy a home.
She’s an artist, poet, cyclist, philosopher, part-time musician, and proud owner of a cat named something like Seraphina Snowflake Snowy.
Great person. Not exactly the easiest mortgage application. Her income or credit might not qualify today.
You purchase the property as a second home and put the mortgage in your name.Later, once her income and credit are strong enough, she may be able to qualify to assume the mortgage, depending on the lender and mortgage terms. That could allow you to come off the mortgage without necessarily having to break it and start from scratch.
Pretty cool.
You maintain your title as Awesome Parent, and she gets a path toward owning the home herself.
Everybody wins.
A Few Extra Documents
Second home purchases can require some additional documentation.
For example, if you already own property, you may need to provide things like:
Want to know what else you might need?
Not sure what documents you’ll need? Call or text us at 306-205-1270 and we’ll tell you exactly what to have ready.
Want to see what the mortgage payments might look like?
Try Our Mortgage Calculator
Still have questions?
That’s what we’re here for.Call 306-205-1270
If this sounds like what you’re looking for, go ahead and hit that shiny button below.
You know the one.
Buying a Revenue Property
So... you fancy yourself a future real estate tycoon?
Alright then. We can help with that.
Here’s the simple version.
If you’re buying a property primarily to rent it out or potentially flip it for profit, lenders are going to treat it as a revenue or investment property.
And that changes a few things.
First Things First: The Down Payment
Investment properties generally require a larger down payment than a home you’re buying for yourself.
In many situations, you should be prepared for at least 20% down, although lender requirements can vary depending on the property and the deal.
And yes, we’re going to ask where the money came from.
We have to.
Want to see what the payments might look like?
Try Our Mortgage Calculator
But What If It’s for Family?
This is where the distinction matters.
If the property is intended for family use, such as:
...then it may qualify as a Second Home rather than a revenue property.
And in some cases, that could mean a down payment as low as 5%.
Same property. Completely different mortgage situation. This is why it’s worth talking to us before deciding how the purchase should be structured.
Call 306-205-1270
Why People Love Revenue Properties
The interesting part about rental properties is that once you get the first one working properly, the next one can sometimes become easier.
The goal is usually pretty straightforward.The property generates rental income.
That income helps cover things like:
And over time, you may also build equity as the mortgage gets paid down or the property increases in value.
Of course, real estate investing isn’t magic.Properties cost money. Repairs happen. Tenants happen. Life happens.
But with the right property, the right financing, and a plan that actually makes sense, real estate can become a powerful long-term investment.
Think you’re ready for the challenge?
Refinance Your Home
There are plenty of reasons to refinance your home.
Maybe you want to renovate. Maybe you want to consolidate debt. Maybe tuition is coming up for the kids. Maybe you’ve decided it’s finally time to become that savvy investor you keep talking about.
Whatever the reason, refinancing might be a really smart move. Or it might not.
That’s why it helps to understand what you’re actually getting into before signing anything.
Start with the option that best fits what you want to know.
And while you’re at it, take our Mortgage Calculator for a spin so you can get a feel for what your payment options might look like.
Is a Refinance Right for Me?
Accessing the equity in your home through a refinance can be a fantastic option.
It can help you do things like:
Or maybe your reason is completely different. That’s fine too.
The point is, refinancing can give you access to money that is already tied up in your home. The important question is whether using that equity actually improves your situation. And just so we’re clear, don’t confuse a low interest rate with a great mortgage. They are not always the same thing. Sometimes the lowest rate comes with restrictions that make the mortgage a lot less attractive once you dig into the fine print.
See a really low rate? Before you jump on it, call or text us at 306-205-1270 and we’ll help you understand the fine print.
The Pros and Cons of Refinancing
Refinancing your home could be one of the best financial decisions you make. It could also be one of the worst.
Comforting, right?
Before doing anything, it’s worth looking at the potential pros and cons. Notice we said potential. That’s important. Every refinance is different.
What works beautifully for one homeowner could make absolutely no sense for another.So here’s the simple version.
We like simple.
Refinancing Is a Big Deal
A refinance can affect your finances for years. So don’t make the decision based on one shiny number. Understand the whole mortgage. Understand the cost. Understand the benefit. And make sure the decision actually improves your situation.
Most companies probably wouldn’t spend much time talking about the downside of refinancing.We’re okay with that. We’d rather you make a good decision than force a refinance that doesn’t make sense.
Want to test a few scenarios? Try Our Mortgage Calculator
Wondering what refinancing might cost you?
See the Potential Costs
What Does a Refinance Cost?
Eventually, every financial conversation gets to the same question.
How much is this going to cost me?
Fair question.
Refinancing can be extremely helpful in both the short term and the long term. But yes, there can be costs involved. The real question is whether the benefit is worth the cost.
Transfer Your Mortgage
So... your mortgage is coming up for renewal and your lender sent you an offer. Nice.
Now comes the part where you don’t just sign it because it showed up in your inbox. You are not required to renew with the same lender. If another lender offers better terms, a better rate, or more flexibility, you may be able to switch your mortgage over instead.
And that can be worth looking at.
Want to see what a different rate could do to your payments? Try Our Mortgage Calculator
Is It Worth Switching Lenders?
Maybe. That’s the exciting answer.
The real answer is that it depends on what your current lender is offering and what else is available.
When your mortgage term ends, you can renew with your existing lender or apply with another one. Switching lenders may give you access to a better rate, different mortgage privileges, or terms that simply fit your life better.
So before signing that renewal offer, ask yourself:
That last one gets people.
A renewal letter shows up. You sign it. Done. Easy.
But easy and good are not always the same thing.
Don’t Just Shop the Rate
We’ve said this before and we’ll probably say it again. A low rate does not automatically mean a great mortgage. Look at the whole package.
Things like:
A slightly different rate with better terms could make a lot more sense than grabbing the lowest number on the page.
Want us to help compare the options?Call 306-205-1270
What Happens When You Switch?
It’s not quite as simple as dragging your mortgage from one lender to another. If you move to a new lender, the new lender still needs to approve the mortgage. They may use their own lending criteria, and there can be paperwork and costs involved.
Basically...
Your old lender doesn’t hand your mortgage over and say: Here ya go. Take good care of it. The new lender has to review the deal and make sure it works for them too.
That can include things like:
Sounds like a lot.
For you? Not really.
That’s our job.
Renewal Is a Great Time to Look Around
Switching lenders is usually worth exploring as your mortgage approaches renewal.
Why?
Because that’s already the point where your existing mortgage term is ending and you’re choosing what happens next.
Federally regulated lenders have to provide renewal information before the end of your term, but you don’t need to wait until the last minute to start shopping around.
Actually, waiting until the last minute is probably the worst time to suddenly realize:
Oh yeah...my mortgage renews Friday.
Give yourself some time. Compare your options. Ask questions. Then make the decision.
Can I Switch Before My Renewal Date?
You can.
But this is where we have to talk about penalties.If you switch lenders before the end of your mortgage term, you may be breaking your existing mortgage contract.
And your current lender may charge a prepayment penalty or other fees for doing that. These penalties can be significant, so the savings from switching need to outweigh the cost of leaving.
So if someone tells you: We can get you a way better rate!
Cool.
Next question:What does it cost me to get there?
That’s the important part. Sometimes switching early makes sense. Sometimes the penalty eats up the benefit. We’ll run the numbers before doing anything.Because paying thousands of dollars to save hundreds would be...
Well...
Not exactly financial wizardry.
Are There Costs to Switch?
There can be.
Depending on your lender and mortgage, costs may include:
Some new lenders may cover some or all of the switching costs, so it’s worth asking before assuming you’ll be paying everything yourself.
There can also be extra complications if your mortgage is registered as a collateral charge, especially if other borrowing is tied to it.
Don’t know what that means? That’s okay. Most people don’t wake up thinking: Today feels like a great day to study collateral charges.
Give us a call. We’ll figure it out.
What About the Stress Test?
Here’s something worth knowing.
For certain qualifying mortgage switches at renewal where the loan amount and amortization are not increased, current federal rules allow eligible borrowers to switch lenders without being re-tested at the minimum qualifying rate. The exact eligibility depends on the mortgage and lender involved.
Translation?
Switching at renewal may be easier than you think.
But don’t assume your mortgage automatically qualifies.
Let’s check first.
Switch Mortgage vs. Refinance
These two get mixed up all the time.
A straight mortgage switch generally means moving the existing mortgage balance to another lender without increasing the loan or materially changing the amortization.
A refinance usually means you’re making a bigger change.
Maybe you want to:
Extend the amortizationChange the structure significantly
That is a different conversation. And potentially a different approval process. If you’re just looking for a better mortgage when your term is up, you may be talking about a switch.
If you also want cash out of the house... Welcome back to the Refinance page.
So... Should You Transfer?
If your mortgage is approaching renewal, there’s really no downside to seeing what else is available.
You might stay with your current lender. They might make you a fantastic offer.
Great.
Or we might find something better elsewhere.
Also great.The point is to actually compare before you commit. Because your current lender already has your business. There’s no rule saying they automatically deserve it again.
Let’s see what your options look like.Call 306-205-1270
Want to run some numbers first?Try Our Mortgage Calculator
Ready to see if there’s a better mortgage waiting for you?
Still Have Questions?
We've got pages and pages of mortgage information we could share with you.
But honestly?
It's probably easier to just call us.
Whether you're buying your first home, refinancing, renewing, or simply curious about your options, we're here to help.