Trusted Tips and Resources

Trusted Tips & Resources

Navigating Down Payment Options with Trusted Regina Mortgage Broker Ryan Boughen

The land of mortgages is big, and Ryan Boughen, a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules, rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Ryan Boughen is a Trusted Regina Mortgage Broker, and in his latest mortgage tip, he shares down payment options and how much money you  need to buy a house. 



Unlocking Homeownership: Navigating  Down Payment Options with Trusted Regina Mortgage Broker Ryan Boughen


You’re not alone if you’ve ever dreamt of owning a home. However, the path to homeownership often begins with the question: How much money do I need for a down payment in Regina?


Fear not, for we have Ryan Boughen, a trusted mortgage broker from TMG The Mortgage Group, to guide you through the ins and outs of Canadian down payment options and demystify the process of acquiring your dream home in Saskatchewan.


Before we delve into down payment options, let's take a moment to appreciate the Regina area’s unique real estate landscape. With its city life, lake communities, thriving bedroom communities, acreages and lots of diverse housing options, this area of the province offers a range of opportunities for prospective homeowners. Whether you're eyeing moving full-time to the lake and commuting to work from Regina Beach, or it’s time to look for a spacious family home in the city. The key to unlocking these dreams lies in understanding your down payment.


Canadian Down Payment Basics:

The minimum down payment in Canada to purchase a home depends on the property's purchase price. While the nationwide standard is 5%, I want to emphasize the importance of considering your financial situation and long-term goals. A higher down payment reduces your mortgage amount and can lead to lower monthly payments and interest costs.


Down Payment Programs:

The journey to homeownership becomes even more exciting with the availability of down payment assistance programs. As your dedicated TMG Regina mortgage broker, my team and I will walk you through various programs designed to make your dream home more attainable. From the First Home Savings Account (FHSA) to the Home Buyers' Plan (HBP) for RRSP withdrawals, these programs offer financial incentives and flexibility, ensuring that you can make a confident investment in your future.


Gifts:

Gifts are allowed from immediate family members (parents, grandparents, children), as well as non-purchasing spouses. 


Flex Down (borrowed down payment):

Borrowers with a strong credit history and access to credit or a loan from a friend or family member may use borrowed funds for their down payment.  The buyer must be able to afford the extra payments from the loan.

 


Customized Solutions for Every Homebuyer:

As a seasoned mortgage broker, I understand that each homebuyer is unique, and there is no one-size-fits-all solution. I take a personalized approach to mortgage brokering, tailoring my guidance to your specific needs and financial circumstances. Whether you're a first-time homebuyer or considering an upgrade, my team’s commitment to excellence ensures a smooth and enjoyable journey to homeownership.


Embarking on the path to homeownership in Saskatchewan is an exciting adventure, and with Ryan Boughen by your side, it becomes a seamless and rewarding experience. As you explore the various down payment options and navigate the intricacies of Saskatchewan's housing market, remember that your dream home is within reach.


Trust in Ryan Boughen, and let the journey to your new home begin!




Trusted Regina Mortgage Broker Ryan Boughen's Mortgage Renewal Tips!

The land of mortgages is big, and Ryan Boughen, a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules, rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Ryan Boughen is a Trusted Regina Mortgage Broker, and in his latest mortgage tip, he touches on the subject of mortgage renewal. 


Your mortgage is probably the single most considerable expense. Unfortunately, most people give it little thought. Here are the most expensive mistakes you must avoid when you renew your next mortgage.


✅ Don't take the first offer - Most times, the first offer you receive from a bank or lender is never their best. Don't be afraid to shop around.

✅ Refinancing - Many mortgage brokers and lenders will bring up the opportunity to refinance your debt or take out equity from your home at the time of mortgage renewal. For more than 99% of us, this is a bad idea. The lure of “cheap money” is strong – whether to pay off debts or use the money for a home reno – going into more debt when you renew your mortgage will cost you in the long run.

✅ Paying off Debt Responsibly - If you have car loans, lines of credit, a balance on your credit card, or other personal debts, you should never pay more than the minimum on your mortgage. Paying off these debts, saving for your child’s education and putting away 15% of your gross income into retirement ALWAYS takes priority over paying off your house.

✅ Have A Master Plan for your Finances - If you fail to plan, plan to fail. Ideally, you should have a monthly, yearly and 5-year plan for your overall finances. Anything from planning your monthly expenses, such as budgeting housing, automotive, and general expenses, to the amount you want to see in your RRSPs and retirement fund.



Trusted Regina Shares 6 New Year’s Resolutions for Every Homeowner



6 New Year’s Resolutions for Every Homeowner


Lately we have been spending much more time in our homes than usual. With homes and finances at the forefront of many household conversations, here is a list of 6 things you can do to improve both your home and your finances. 

Pay Off Your Non-Mortgage Debt FIRST!

The general rule of thumb is that you should focus on paying off higher-interest debt before lower-interest debt. You may be paying a higher rate on a credit card or private student loan than on your mortgage, so you'd benefit more by paying those off early.

Don't pay so much toward the higher-interest debt that you risk defaulting on mortgage payments. Yes, credit cards can be expensive, and the issuer may take legal action if you default on card payments. But defaulting on mortgage payments can be an even bigger risk because you could lose your home.

Build A Realistic  Emergency Fund

Owning a home comes with many responsibilities and expenses, some that you can plan for in advance, like property taxes, and some that just pop up unexpectedly. If you haven’t already started saving for those unexpected expenses in an emergency fund or rainy-day fund, the new year is a great time to start! Saving any amount is beneficial in an emergency, but about 3 to 6-month’s salary is usually recommended. A high-interest savings account is a good place for your emergency fund. You’ll still be able to earn interest on your savings, and it’s not entirely locked away in case you need to access the funds quickly.

For some people, work-from-home measures may be in place indefinitely. The lines between your personal and professional life may be blurred during this time. The best way to keep firm boundaries is by trying to maintain a similar routine to when you’re in the office. Ensure you set boundaries to limit overtime work, always take breaks throughout the day, and log off your work computer at the usual end of the workday.


Make Your Home As Energy Efficient As Possible

We live in Saskatchewan, so there's no avoiding heating and cooling costs, and they will only rise as time goes on. Whatever you can do to make your property more energy-efficient is a worthwhile investment! It also makes it more attractive when you decide to sell. 

For tech-savvy homeowners, making your home more energy-efficient with smart thermostats or programmable LED lights can be fun! Even if technology isn’t your thing, minor fixes around the house can help make your home more energy-efficient and save you money. Here are a few things to add to your list:

  • Seal all air leaks around windows and doors
  • Use cold water or energy-saving settings for washing machines and dishwashers
  • Unplug devices and appliances when not in use
  • Lower your thermostat while you’re away from home or in less-used areas of your home
  • Install a low-flow showerhead
  • Opt for energy-efficient window treatments like honeycomb shades

Make Your Home A Space You Love 

Starting off the new year ( or a new week! ) in a clean, organized space is a huge mood booster. With many people working from home now, organized space can also help your productivity. While there’s no right or wrong way to declutter and organize your home, one useful method is to work by room to make the task more manageable. Look at everything you have and split the items into three piles: Keep, Donate, and Toss. Perhaps you could read Marie Kondo's book The Life Changing Method of Tidying Up, she is a Japanese professional organizer with a simple method to declutter your life, from clothes to books to knickknacks. She wants you to answer just one simple question when it comes to any of the items in your house:

Does it bring you joy?

If you answer yes, you keep the item. If you hesitate or say no, you donate it or throw it out. It’s simple, it’s brilliant, and it’s completely intuitive. 

Once you’ve decided what’s staying, you can make sure everything has a designated place to keep things tidy in the long run.

Start A Household Maintenance Checklist 

As with most New Year’s resolutions, it’s easy to start the year off strong, but as time goes on, it may become more challenging. Set yourself up for success and stick to your home goals by creating a household maintenance checklist. Create a recurring calendar reminder so you never forget to handle tasks around the house. For example, set a reminder to change your HVAC filter every three months or clean your eavestroughs twice a year. Proper home maintenance is a good way to prevent having to pay for home repairs over time.

Plan To Pay Off Your Mortgage Sooner

Depending on how much you still owe on your mortgage, paying it off may be daunting but don’t be discouraged. Even small steps now can help you become mortgage-free sooner. Start by increasing your regular payments. For example, instead of purchasing a takeout dinner, put that extra $50 towards your monthly mortgage payment. Keep that up for a year, and you’ve already put an additional $600 towards your mortgage and, over five years, an additional $3,000.

Another simple way to pay your mortgage off faster is to put any additional or unexpected income towards your mortgage. That can be anything like funds from a tax return, a bonus from work or inheritance. Before you make any pre-payments, double-check your mortgage pre-payment options with your mortgage lender so you don’t exceed your allowable limits.



Trusted Regina team brags about Skott Enns as a Trusted Regina Mortgage Broker

The Trusted Regina team is thrilled to brag about our newest Trusted Regina Mortgage Broker. We are thrilled to welcome Skott Enns back to the Trusted Regina Community of business operated with integrity. 



Why does Skott Enns get the thumbs Up from Trusted Regina?



Skott Enns has been a Regina mortgage broker since 2017, and he was voted Regina's Best Mortgage Broker for 2021! That is 8 out of the past 9 years that Skott has been the recipient. If you are looking for free expert mortgage advice from a multi-award-winning, Trusted Best Regina mortgage broker, whose number one motivation is always your BEST interest then you should definitely consider Skott Enns! 

Skott is committed to providing the best service for his clients, and he has put together a team to make the mortgage process as efficient and easy as possible. He is authentic in his desire to help people, and as such, he works hard to ensure he has the best mortgage type and rates for each situation and every unique circumstance. 

So a bit about me! Growing up, I was never one of the jocks. Oh I played, soccer, hockey, and ball just like all the kids, but I was never really that good. Usually one of the last picked on the team… clearly it wasn’t my destiny to be a professional athlete.Instead, I loved puzzles, seriously, I was a pretty big nerd… my head was always buried in a crossword, brain teaser, mind bender, word search, or sudoku. As a Regina mortgage professional, nothing has really changed. I see every new clients’ mortgage as a puzzle that needs to be solved. Let me assure you, I do not rest until the solving is done! Specifically, some of the puzzles I enjoy working on now are clients who are new immigrants to Canada seeking their first mortgage, self-employed, recently separated, or buying their first home and… First Time Home Buyers are a personal favourite – I like first timers even more than Sudokus!  As each client is different, handling financing for investment properties, purchase plus improvementsmortgage refinancing and mortgage renewals provides a unique challenge.
On a personal note, I am a proud husband and father. My wife Shawna and I have twin boys and a daughter, and we are a VERY active family. We travel, play outside, get dirty in the mud, and love to see and experience new things! Life is pretty good!- Skott Enns.

When speaking to Skotts clients, including other Trusted Regina partners, as part of our unique Trusted verification process it is easy to see why so many of them voted for him to be Regina's best mortgage broker year after year.


" I send people to Skott all the time knowing they'll have a great experience and that he'll look after them. Skott is truly knowledgeable, good at what he does and treats people the way they should be treated." - Chris Worby, Owner of Worby Wealth Management - Trusted Regina Financial Advisor
" Skott is a kind, conscientious, and ethical professional. He goes the extra mile. We had a very complex mortgage file and he worked with us to get the best possible arrangement under very tight timelines. I highly recommend him." - Valerie Sluth, Regina .

SO, whatever your situation and needs are he will bring you options that have been evaluated and suggest only the ones that best suit your needs. 

Click here to read Skott's 300+ Google Reviews and 125+ Facebook Reviews 

A Regina Mortage Broker with A High Interest In Your Low Interest 

Skott Enns is a Trusted Regina Mortgage Broker


Trusted Regina Mortgage Broker Skott Enns shares a tip on renewing your mortgage.

Get free expert mortgage advice from a multi-award-winning Regina mortgage broker. Skott Enns is a Trusted Regina Mortgage Broker and he is fully committed to helping clients find the best option that suits their financial goals. His mission isn’t to simply help you get a mortgage with the best mortgage rates, he wants to help you figure out a plan to pay off your mortgage as quickly as possible! In his latest Regina mortgage tip, he shares some great advice on mortgage renewal! 


Mortgage Renewal Time?

If you have a mortgage, at some point it will come up for renewal (unless of course, you are really close to paying it off, and in that case – congratulations!!!). When this happens, it is important for you to know your options, so that you are not leaving money on the table or putting yourself in a situation that could cost you money down the road.

There are two primary reasons that you may want to leave your existing lender: rate being the primary one, and sometimes you may simply be unhappy with the service (or lack of) that your existing lender is providing to you.

Approximately 65% of clients will simply sign the first mortgage renewal form offered to them by their existing lender when. No questions asked. That is a mistake, and often a costly one. Don’t get me wrong, the easiest thing for you to do is to sign that form. No requalification, no additional questions, things just keep humming right along… but here is the thing: the banks are also aware of the fact that two-thirds of clients will ‘just sign’, and guess what… the higher the interest rate they can get you to pay, the more money they make.


How often do you think they will have your best interests at heart when renewing your mortgage?


Negotiating a Better Offer Upon Your Mortgage Renewal

The reality is that at the end of that term, you are indeed a free agent! Get out there and play the field. Here is how I would recommend doing that.

Ask Your Existing Lender To Come To The Table With Their Best Rate

Again, there is no doubt that the easiest thing to do IS to stick with your existing lender, and if they are offering a competitive rate, then my advice will always be to stay there. However until you know what they are willing to do for you, it is difficult to determine what the best course of action is.

Call A Mortgage Broker

As a Mortgage Broker, we work with an array of lenders: big banks, credit unions, mortgage finance companies, private lenders etc. Once you have a rate from your existing lender, your Mortgage Broker will be able to run through the mortgage products that the various lenders are offering, and figure out whether or not you would save money by switching lenders. Once we are within 120 days of your mortgage coming up for renewal, if there is a better rate out there for you, we can lock it in. One other reason to avoid signing blindly is that life happens, and situations change… if you just got out of a 5-year fixed term, but have a growing family and recognize that you will likely be upgrading your home in less than two years, perhaps it makes more sense for you to consider a shorter fixed-term or a variable term (where the penalty for breaking that term is only a 3-month interest penalty). A Mortgage Broker will help you to work through all of these scenarios.

 

A Quick Requalification

In the event that you can save money by switching lenders, it is important to realize that you will need to requalify. However, in most cases, assuming your financial situation is similar or better than what it was when you first obtained the last mortgage, this shouldn’t be a big deal. Typically, you will require the following documentation:

  • A letter of employment confirming position, salary, and full-time/part-time status
  • A recent paystub
  • A copy of a recent mortgage/renewal statement from your existing lender
  • A copy of your house insurance policy
  • A copy of your property tax bill ensuring payments are up to date
  • A void cheque or PAD form for the bank account where you would like your new mortgage to come out of

Other Points to Consider When Renewing Your Mortgage

Please recognize that every mortgage is different, and if you are self-employed, a part-time employee, own rental properties or something a little outside the norm, additional documentation may be requested, but the above list will cover the majority of the paperwork. Clearly, it may take a little bit of time to gather these documents. It is up to you whether or not you believe it is worth it.

If I can save you $5,300 (a recent real-life example) over the next 5 years through lower payments and interest savings, is it worth spending 2-3 hours collecting a little information? In my eyes, you are making $1,766 per hour if it takes you three hours…. Now there are a LOT of things that I would do if I was paid $1,766/hr to do them, even if they are not my favourite! I would teach myself to snowboard. I would eat plates of raw oysters. I would shop at Walmart. And I would definitely collect void cheques and paystubs if it meant I could save that kind of cash.

When switching lenders, there may or may not be fees involved. Discharge fees, appraisal fees, ‘legal’ fees can all be part of the switching process, HOWEVER, in many cases, these fees can be covered by the new lender. Again, best to discuss these options with your Mortgage Broker, and see what they can do to save you money.


One final point about moving lenders… 

Since October 2016 there has been a substantial rule change that has come into effect which does make it more difficult to qualify for purchasing a home today. That is the truth and there is no getting around it. However, if you are simply renewing your mortgage with a different lender, although you DO have to re-qualify, you have grandfathered in under the pre-October 2016 guidelines… which is great news, and ensures that you have a much better chance of being able to move lenders if it makes sense to do so.

If you are looking for honest, unbiased advice from a mortgage broker in Regina Skott Enns would love to talk with you!   

Skott Enns is a Trusted Regina Mortgage 



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