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 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 Tip On Employment Letter and Why Lenders Require One.


What is an Employment Letter and Why Lenders Require One?


Obtaining a mortgage takes a lot of planning and patience to ensure things go smoothly throughout the entire transaction.  Preparing documents early on in the process will reduce your stress in purchasing a new home, or renewing or refinancing your current mortgage.  Obtaining an employment letter early on is particularly important for individuals with a job tenure of less than two years, if you have had a temporary promotion, or work on an hourly basis.  This will ensure there are no surprises later on.



What is an employment letter?

Your employment letter (aka job letter) is written by your employer to verify your position within the company, tenure, and income.  This is a very important component of qualifying for a mortgage.

What should your letter include?

Your employment letter should be written on company letterhead and should include: your position within the company, tenure, salary/wage (along with bonus info if applicable), hours guaranteed per week (if applicable), and be signed by the individual issuing it, along with their job title and daytime contact phone number.

Why do lenders require an employment letter?

Lenders require your job letter to verify employment as well as to have a contact number on file for any questions regarding your employment.

How do I get my employment letter?

Employment letters can be obtained through a simple request made to your employer, they generally will have a template on hand so it will take very little time to complete.


Trusted Regina Real Estate Lawyer shares some insight on the potential future of the Canadian Housing Market.

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 


Canadian Home Prices Could Drop as Much as 5% Due to Coronavirus


Trusted Regina Real Estate Lawyer Robert MacKay shares some insight on the potential future of the Canadian Housing market.

Canadian home prices could fall a “relatively modest” five per cent by July as some owners are forced to sell in the face of the economic hardship brought on by COVID-19, Capital Economics said Monday.

While sales activity and price gains were firm in the first half of March, real estate boards from across the country are reporting a near halt in activity as government shutdowns and physical distancing have people staying home.


As April unfolded, it became innately clear that COVID-19 had already impacted the local housing market, with Toronto home prices declining for the first time in nearly two years.

But the pandemic isn’t just going to have an impact on a local level but on a national level as well, with some experts already predicting that Canadian home prices could fall in the months to come.

Capital Economics said Canada’s house price inflation accelerated to a nearly two-year high in March, but given the disruption already caused by the coronavirus outbreak, prices are set to decrease in the coming months.

Capital Economics senior Canada economist Stephen Brown said April will see “an even steeper fall” in sales activity to a “small fraction of their normal levels.”

“New listings also fell sharply in March, which meant the sales-to-new listing ratio continued to point to strong house price inflation ahead,” said Brown, however, he said 

“given the huge rise in unemployment and the cashflow problems that restrictions on tourism have caused investors in the short-term rental market, it seems likely that there will be some forced sellers in the coming months. Those sellers will inevitably have to accept lower bids from the few people willing to buy in the current environment.”  said Brown.


Last week, the Canadian Real Estate Association reported a 14 per cent drop in sales volume from February to March. New listings were down 12.5 per cent from February, while average prices were flat month-over-month and up 12.5 per cent year-over-year.


That dynamic has Capital Economics “penciling in a relatively modest fall in house prices of five per cent in the coming few months.”


Source: Greg Bonnell - BNN Bloomberg - April 20 2020 - https://www.bnnbloomberg.ca/home-prices-could-fall-5-amid-pandemic-capital-economics-1.1424090 
Source: Ainsley Smith - Toronto Storeys - April 20 2020 - https://torontostoreys.com/canada-home-prices-coronavirus-decline/


For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay


More consumer tips by Robert MacKay: 



Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!



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