CALL CHRIS KOLINSKI – MORTGAGE ASSOCIATE TODAY! 306-291-4355

Email: chris@chriskmortgages.ca
Phone: (306)291-4355
517 4th Ave North
Saskatoon, SK S7K 2M5

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Frequently Asked Mortgage Questions

As a mortgage broker, it is very important to me to provide exceptional and honest service! I take pride in educating repeat and first time home buyers about mortgages in here in Saskatoon. Usually, if one person has a mortgage question, many other people will have the same one. So I put together a list of frequently asked mortgage questions.

Why should I use a mortgage associate?

As a mortgage associate for iSask Mortgage Brokers Saskatoon, I work for YOU! It is my best interest to get the right mortgage product that suits your needs. I provide the “one-stop-shop” that relieves the pressure of shopping around for a mortgage. I will give you my best rate up front; no need to negotiate! My compensation comes from the banks in the form of a finders fee. What does this mean for you? My services are FREE to you!! Utilize me as much as you like. Email/text/phone.

Should I get pre-approved before I start house shopping

YES! Getting pre-approved is an important part of searching for your new home. First, it helps you determine what you can get approved for. That way you know the price range you should be looking in. Second, it can help you in the negotiating process. The seller might be more inclined to settle on a price if they know that you are pre-approved!

What are the extra costs that come with purchasing?

You should be prepared to pay for the closing costs, home inspections, and appraisals. Closing costs come at the end before your mortgage funds. These include: lawyer fees, title insurance, title transfer, etc. Home inspections are recommended when purchasing a home. You will want to know the condition the home is in before you commit to purchasing. Lenders sometimes require an appraisal to make sure you are not overpaying for a property. The buyer is responsible for these costs.

How much do I need for a down payment for purchasing an owner-occupied home?

In order to obtain a mortgage, you need a minimum of 5% of the purchase price. The funds need to come from your own resources and have a 90 day history of where the money came from. You can also have the down payment gifted to you from an immediate family member. Please contact me if you have any questions regarding down payment.

How much of a mortgage can I afford?

Check out my online calculators. Alternatively, you can fill out an application online! It is easier to own a home than you probably think.

What is the difference between an “open” and “closed” mortgage term?

A closed mortgage has restriction on the amount that you can prepay on your mortgage. If you pay off your mortgage balance or pay too much during the term, you could incur penalties.

An open mortgage can be repaid at any time without penalties.

What is the difference between a “variable” and “fixed” mortgage?

A variable mortgage is based on the prime rate set by the Bank of Canada. When prime rate increases, so does your variable interest rate. When the prime rate decreases, your variable follows! A lot of people have benefited from getting a variable mortgage, but you have to understand that it is a gamble. You do not want to get caught when the prime rates rise!

A fixed mortgage is the opposite. You will lock in for a set amount of time (5 years for example) and your interest rate will not change for that period. This is generally the safest way to go.

What lenders do you work with? 

iSask Mortgage Brokers in Saskatoon works with a variety of lenders to find the mortgage that is right for you. Here are a few of the lenders we work with.

  • Scotiabank
  • Bridgewater Bank (BWB)
  • First National Financial
  • MCAP
  • Optimum Mortgages/Canadian Western Bank (CWB)
  • Prime West
  • Radius Financial
  • MonCana Bank
  • Canadiana Financial Corp
  • Merix Financial
  • Manulife Bank of Canada
  • National Bank
  • RMG Mortgages
  • TD Canada Trust
  • Home Trust
  • Equitable Trust
  • Sun Mortgage Corp
  • Street Capital

If you have any questions about a mortgage please contact me today or you can apply online!


Rates

Term

My Rates

Bank Rates

Prime Rate

2.95%

2.95%

Qualifying Rate

4.84%

Open Variable

3.75%

3.75%

3 Year Variable

2.20%

5.14%

5 Year Variable

2.15%

5.14%

1 Year Closed

2.44%

3.09%

2 Year Closed

2.54%

3.04%

3 Year Closed

2.69%

3.95%

4 Year Closed

2.79%

4.74%

5 Year Closed

2.84%

5.34%

7 Year Closed

3.39%

5.95%

10 Year Closed

3.79%

6.50%

HELOC

3.45%

6.50%

*Rates updated Sept 1st, 2017. Rates are subject to change without notice. Please call for today’s most recent rates.

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Associates License: #316341
Brokers License: #316176
Email: chris@chriskmortgages.ca
Phone: (306)291-4355