Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina mortgage broker explains the First Time Home Buyer Incentive program

Skott Enns – Skott’s goal isn’t to simply help you get a mortgage with the best mortgage rates, it is to help you figure out a plan to pay off your mortgage as quickly as possible!  Has been voted Regina’s best mortgage broker for 2013, 2014, and 2015 & 2016 by Prairie Dog Magazine and named to the Summit 20 group, which means that he is in the Top 20% of all TMG Mortgage Brokers in Canada for the last two years.

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

TMG The Mortgage Group Skott Enns is a Trusted Regina Mortgage Broker



Skott sat down with CBC and explained the First Time Home Buyer Incentive program.




In a recent interview with CBC News our Trusted Regina Mortgage Broker  Skott Enns sat down and explained the new features of the First Time Home Buyer Incentive Program.  In addition Skott goes on to examine some potential pro's and cons with this program.  He begins by stating that:

Starting September 3rd for any homes where possession is starting in November if a potential first time home buyer has the minimum 5% down payment, CMHC will provide them with an additional loan of 5% for an existing home or an additional 10% for a new build for the down payment.  

He also states that outside of being a first time home buyer the maximum household qualifying income that they can use for mortgage approval is $120,000. per year.  So if your household makes more than this you will not qualify for this program.  Additionally the largest purchase price for approval is four times the amount of your qualifying income.  

Something buyers need to note is that when you do choose to sell the home the monies that CMHC provides will need to be paid back to them though the loan is interest free.


Benefits of the Program

When asked as a mortgage broker what are some of the benefits you see to a program like this Skott detailed his perspective as follows:


  • It allows a first time home buyer to keep their cost as low as possible when considering principle and interest payments
  • The program will reduce your CMHC premium

Negatives of the program

Skott goes on to outline some potential negatives of the Program:

  • People forget - If you sell your house in 10 years you may forget that you need to re pay the loan to CMHC.
  • People have general concerns about being in partnership with CMHC who is part of the Federal Government on the biggest investment which is their home.
He adds :

To be honest this is the first bit of good news that we have had in terms of qualifying for a mortgage.  
The news coming out about mortgages and from CMHC has been about how difficult the newest changes make it for not just first time home buyers but anybody to qualify for a mortgage.  It seems that every change has been making it more and more difficult. But this bit of good new will help keep payment down for a segment of the market.

To find out more watch the entire interview here


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

Skott Phone 306-201-6500  Ryan Phone 306-570-3379 

No Time to set up an appointment! No Problem! You can also click here to apply now  with Ryan or apply now with Skott and get the ball rolling.

TMG The Mortgage Group Skott Enns & Ryan Boughen are Trusted Regina Mortgage Brokers


Trusted Regina Mortgage Brokers Skott Enns and Ryan Boughen share a tip on renewing your mortgage.


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 which 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 re qualification, 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 Re qualification

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 (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 are 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 they would love to talk with you!

Skott Phone 306-201-6500  Ryan Phone 306-570-3379 

No Time to set up an appointment! No Problem! You can also click here to apply now  with Ryan or apply now with Skott and get the ball rolling.

TMG The Mortgage Group Skott Enns & Ryan Boughen are Trusted Regina Mortgage Brokers

Trusted Regina mortgage expert gives us some valuable information about Refinancing.

Trusted Regina Mortgage Associate

Refinancing...is it for you?

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.


Refinancing isn't necessarily a bad thing or term

There are many things that play a role in whether or not refinancing is a good move.  The first thing is to determine what your overall goal is by refinancing.  It can answer many questions for you including providing you with these benefits.  Why do you want to refinance?

  • Getting a rate that reduces your monthly payment while being low enough to offset the costs of refinancing is one common reason to refinance
  • Paying down higher interest debts like credit cards or loans or lines of credit .
  • Having your monthly payment reduce to help you pay off your mortgage quicker as your not incurring more debt but able to now focus on just paying the mortgage off
  • Buying a rental property or 2nd home(cottage).
  • Increase your quality of life now, maybe buying a boat or trailer for those family outings.
  • Doing some investments and get a higher rate of return on your investments and borrowing the money at a lower rate for the mortgage.
  • consolidate their high-interest debt to reduce their overall interest rate and free up hundreds of dollars in cash flow every month.
  • Doing some much needed renovations to your home using the existing equity to increase the value of your home it's a win win .

Here is something most people don't know when considering when doing a refinance all costs can be included in the mortgage including lawyer fees and penalties. 

When done correctly, a refinance can save families money on long-term interest.

If your curious to know how much can save if you refinance your mortgage this calculator will help you find out!. 


Trusted REGINA MORTGAGE expert shares a Trusted Tip : Moving pains...

:

 

Your Regina Mortgage Broker Feels Your PAIN!

Moving…Aargh!!

DISCLAIMER: You just know it’s gonna be good when you see the word “DISCLAIMER” to start! Hahaha! What you are about to read is my personal take on the exciting experience referred to as, “Moving”. Keep in mind, I love to rant – and most of what you are going to read has been intentionally composed with a “tongue in cheek” overtone.

Please enjoy responsibly!

 

 

Packing: Where to Start?!

Can I just toss out some of this stuff? Maybe leave it as a Bonus for the people moving in?

Wrapping Glass Ware: Wrap carefully…after all you don’t want to break the dishes or your aunt’s “Pig Figurine” collection or those DUMB “Precious Moments” knick knacks!

Organizing a Moving Party: You know these guys…the ones who say, “You can call on Me! I will help you Move!”…and usually these are the guys that never show up…you know who you are!

Cleaning Up: It’s bad enough you have to pack up every room…now you have to clean it?! Totally unacceptable! Well -Suck it Up Princess – get the Swiffer!

 

Loading Vehicles: As much as we want to avoid it – we usually end up doing it…unless you hire one of those fancy Moving Companies. But even then…there are those “Special Things” we need to move ourselves…you know what I’m talking about…the “Special Things!” (I won’t say anymore on the subject…for fear I may incriminate myself! Hahaha!)

Carrying the Couch: This is usually a “One Part Tetris” and “Twenty Parts Cursing!” You nearly need an engineering degree just to fit one of these things through the Front Door!

Carrying the Hide-A-Bed Couch: All of the above…AND IT’S HEAVY! Not just heavy…but HEAVY! My God! Who thought this was a good idea to put in the BASEMENT! I love carrying HEAVY objects UP A FLIGHT OF STAIRS! I just can’t wait to try to get it through the Front Door! CURSE YOU HIDE-A-BED Manufactures!

Carrying the Dressers, Bed Side Tables, Beds: Not as bad as the Couch…but still a drag. You have to take out all the drawers, dismantle the bed…oh, and let’s talk about those AWESOME Steel Bed Frames! The “Wall Gashers!” No matter how careful you are…you can count on hitting the wall…and either making a sweet dent – or a dirty looking gouge.

Moving is FUN!

 

Keeping the Dog or the Kids Entertained:

Okay…Pet’s – toss ‘em in the kennel, or tie them up in the backyard – Easy!

Kids on the other hand…you shouldn’t tie them up in the backyard. I am a parent – and I have had to move with Kids…it’s incredible how they pick the most in-opertune time to come and “ask you a question” or “need your help”. Usually you are on the bottom end of the dreaded Hide-A-Bed (CURSE YOU!!) and your 5 year old runs up behind you in a panic and says, “DAD! COME QUICK!!”…talk about being between a rock and hard place…you can’t just drop the couch – you immediately think that your child’s life is in peril…”What’s Wrong?” you ask…then, the reply, “I found a bug!”. Yup – that’s what they do.

 

The Drive to the New House: You have one guy driving with one arm out the window holding the mattress to the roof of the car (okay, so that actually has happened to me…I admit – I am cheap.), and then you have your “buddy” with all the “Fragile/Breakable” items driving ahead of you like he is Mario Andretti and is urgent need of getting to a toilet (potty humour…it’s always funny)!!

PAYING the Mover: It beats moving the Hide-A-Bed…but it still sucks. Especially when you have calculated for 4 hours and they “surprise” you with a BONUS hour that you just didn’t account for, making it 5 hours…I’m not making this up either…you may get charged for a full hour for both their drive FROM their place of business and back TO their place of business! What’s worse – these bandits won’t even open the door to unload the furniture until you pay in full! I love surprises. How about you?

Unloading the Vehicles: Of course you start with Mario Andretti’s Vehicle…not really Mario – just your idiot friend who thinks he is Mario. You just know something has to be broken! And surprisingly – nothing is broken, correction, nothing is ”noticeably” broken…just wait, it’s coming…see “Unpacking”.

 

 

Unpacking: You finally get to the new house, you’ve unloaded everything in to the empty home…and now it’s time to put everything in it’s designated spot. Everything is just fine. The dishes aren’t broken, your Aunt’s figurines have made it, even the Flat Screen has made it without incident. Then you notice it…that prized possession that means so much to you…it’s broken. Why? It’s the eternal cosmic question – there is no answer. It just is. It’s always MY STUFF that Get’s Broken! It never fails – when something breaks – it’s usually mine…and “No.”, I did not break it. And nobody else knows what could have possibly happened!

Cleaning Up: Yes, you had to do it at the old house – but guess what – the NEW home is likely not clean enough for your “INSERT FEMALE HERE” (wife, mother, mother in law, grandmother, etc), okay – so maybe it’s unfair to point the finger at the ladies – but from my experience…and being a “FULL ON DUDE” – As long as there is no “offensive smells” – I am good to go – Cleaning the new place become s”optional” – it usually waits until “INSERT FEMALE HERE” comes along and makes me do it.

 

 

 

Keeping Your Moving Buddies Sober: I admit it, I bribe my friends with the promise of Cold Beer if they help me move. The problem though is that my friends don’t see it as a “reward” for helping me, rather they see it as – “FREE BEER! GET AS MUCH NOW BEFORE ANYONE ELSE GETS HERE!!” – and this usually begins when they show up….and apparently, 7:30 in the morning is “not too early for a beer”. —

There you have it. So, now that you know how I feel about moving…please don’t ask me to help you move. Unless of course you have Free Beer!

In fact..it seems like alot of trouble..you should stay where you are and just re-finance... I can help with that!

 

 

check out the TRUSTED REGINA MORTGAGE category ...they are your REGINA MORTGAGE EXPERTS!

 

 

http://blog.focusmortgagesolutions.com/2012/06/06/your-regina-mortgage-broker-feels-your-pain-moving-aargh/

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