Frequently Asked Questions

Mortgages are complicated. And sometimes it feels like you are being pumped full of information and it can be overwhelming. See below for some quick answers to some of your questions!


As a mortgage associate for iSask Mortgage Brokers Saskatoon, I work for YOU! It is in 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.

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!

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.

In order to obtain a mortgage to purchase a home you are planning on living in, you need a minimum of 5% of the purchase price. The funds typically 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.

There are a lot of factors that come into play when determining how much you can afford. I suggest filling out a quick online application (see button below) and I can let you know exactly what we can do.

A closed mortgage has a restriction on the amount that you can prepay on your mortgage. If you pay off your mortgage balance or pay off too much during the term, you could incur penalties. Closed mortgages typically have better rates than Open mortgages.

An open mortgage can be repaid at any time without penalties. Open mortgages typically have higher rates than a Fixed rate mortgage.

A variable mortgage is based on the prime rate set by the Bank of Canada. When prime rates increase, 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.

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.

iSask Mortgage Brokers 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
• Lendwise Financial
• First National Financial
• Manulife
• Radius Financial
• Paradigm Mortgage
• Optimum Mortgages/Canadian Western Bank
• Prime West
• Moskowitz Capital
• Merix Financial
• RMG Mortgages
• Street Capital Financial
• TD Canada Trust
• B2B Bank
• Canadiana Financial
• CMLS Financial
• Equitable Bank
• Bridgewater Bank
• Sun Mortgage Corporation

Get Pre-Approved Before You Shop!