Mortgages Saskatchewan

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
8	1683676800		$15,000	5.95%	Up to 60 months	$15,000
11	1670889600		$1,000 - $10,000	19.9% - 46.9%	-	$1,000 - $10,000
100	1666051200		$20 - $100	0%	-	$20 - $100
100	1643932800		$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
11	1639094400		$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
7	1620777600		Up to $35,000	9.99% - 46.96%	6 - 60	Up to $35,000
17	1607558400		$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400		$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000		$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800		$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600		-	0+	2 - 60	-
100	1582243200		-	-	Up to 60	-
100	1580947200		-	-	-	-
9	1580860800		$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800		$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
10	1580774400		$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400		$100 - $1,500	-	-	$100 - $1,500
100	1579478400		Up to $3,200	-	-	Up to $3,200
100	1579219200		$100 - $25,000	+4.9%	-	$100 - $25,000
100	1579219200		-	15% - 19%	-	-
100	1576713600		-	Up to 35%	-	-
18	1576713600		$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400		1800- 2900	15.99%	23 - 36	1800- 2900
100	1560124800		Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
9	1545955200		Up to $20,000	18.99% - 24.99%	36 - 84	Up to $20,000
8	1552262400		$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
100	1569974400		$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400		$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400		$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400		-	-	14 days	-
100	1551139200		$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
10	1551139200		Up to $15,000	19.99% APR	Open-end	Up to $15,000
100	1550534400		$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400		$100 - $1,500	-	14 days	$100 - $1,500
100	1569974400		Up to $1,500	15% - 23%	-	Up to $1,500
100	1550534400		Up to $1,500	Up to 59% APR	14 days	Up to $1,500
100	1550534400		$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200		$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1549238400		$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400		$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000		$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548633600		$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600		$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
1	1543622400		Up to $50,000	19.99% - 39.99%	6 - 120	Up to $50,000
100	1545350400		Up to $1000	30%	3 - 5	Up to $1000
100	1545350400		Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400		Up to $7,000	-	6 – 60	Up to $7,000
100	1545350400		$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
100	1545350400		$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400		$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400		$300 - $1500	27% - 35%	3 - 4	$300 - $1500
6	1545264000		$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
100	1569974400		Up to $1,500	15% - 23%	14 days	Up to $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
8	1669852800		$500 - $300,000	-	2 - 24 months	$500 - $300,000
100	1648512000		$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600		-	-	12 - 60	-
100	1611878400		$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400		$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1598918400		-	-	-	-
100	1585612800		-	0.9% - 12%	6 months - 5 years	-
100	1581984000		$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600		-	-	-	-
100	1581033600		-	-	-	-
100	1581033600		-	-	-	-
100	1580947200		-	-	-	-
100	1580947200		$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		up to $250,000	-	-	up to $250,000
100	1580860800		-	-	-	-
100	1580688000		Up to $10,000	-	-	Up to $10,000
100	1580256000		$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400		-	-	-	-
100	1579478400		$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400		-	-	12 - 120	-
100	1579478400		-	-	24 to 60	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1579046400		-	-	-	-
100	1577059200		-	-	-	-
100	1577059200		-	-	-	-
100	1577059200		-	-	-	-
100	1575849600		$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600		Up to $250,000	-	-	Up to $250,000
100	1575590400		-	-	-	-
100	1575590400		-	-	-	-
1	1545955200		$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400		Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400		-	-	-	-
100	1552262400		Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400		$10,000+	-	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400		$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400		$3,500+	-	-	$3,500+
100	1551398400		$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200		Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400		$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400		$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400		Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400		-	-	-	-
100	1550534400		$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200		$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200		$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400		$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000		$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000		Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000		$10,000+	18% - 22%	-	$10,000+
100	1548720000		$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1545264000		$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000		$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
100	1545350400		$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000		$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
100	1545177600		$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
100	1545177600		$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
100	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200		Up to $300,000	-	-	Up to $300,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
4	1632960000		Up to $50,000	14.9% +	12 -72	Up to $50,000
6	1624233600		Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
17	1607558400		$500 - $50,000	-	24 - 60	$500 - $50,000
100	1594339200		-	-	-	-
6	1582761600		-	11.9% - 22.9%	Up to 84	-
100	1581033600		-	+ 4.9%	-	-
100	1581033600		-	-	-	-
100	1580688000		-	-	-	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1579478400		-	-	-	-
100	1578873600		-	+8.99%	-	-
100	1578873600		-	-	-	-
100	1551830400		$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400		Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400		Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400		Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400		$10,000+	-	12 - 96	$10,000+
100	1551830400		Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200		-	-	up to 72	-
100	1577059200		-	-	-	-
100	1575849600		$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600		-	-	-	-
100	1575590400		-	-	-	-
100	1575590400		-	-	-	-
100	1575504000		-	-	-	-
2	1569974400		$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000		-	Up to 49.9%	-	-
100	1561507200		-	-	-	-
100	1561507200		-	-	Up to 84	-
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		Up to $30,000	-	-	Up to $30,000
100	1548720000		-	-	-	-
100	1548633600		-	4.2%+	-	-
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000		$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600		Up to $50,000	-	-	Up to $50,000
100	1545177600		$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600		-	-	Maximum 84	-

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1578873600		$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200		Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
100	1545264000		Up to $25,000	-	12 - 60	Up to $25,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
100	1627344000		-	1.94% - 2.45%	12 - 60	-
100	1581033600		-	2.74% - 6.30%	12 - 120	-
100	1580947200		-	-	-	-
100	1580860800		-	-	-	-
100	1580860800		-	2.64% - 4.45%	12 - 120	-
100	1580860800		$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800		-	-	36 - 60	-
100	1580860800		-	-	-	-
100	1580860800		-	-	-	-
100	1580688000		-	2.79% - 6.00%	6 - 60	-
100	1579478400		-	2.74% - 3.70%	6 - 120	-
100	1578873600		-	-	-	-
100	1578873600		-	2.69% - 3.95%	6 - 120	-
100	1577059200		-	-	-	-
100	1577059200		-	2.84% - 7.30%	-	-
100	1574985600		$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200		min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200		-	2.23% - 4.45%	-	-
100	1560124800		-	2.89% - 3.79%	-	-
100	1548720000		-	2.41% - 3.84%	-	-
100	1548720000		-	-	-	-
1	1517097600		$10,000+	Based on equity	-	$10,000+

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Buying a home is a major expenditure and is likely the biggest investment you’ll ever make. Given the magnitude of such a purchase, the odds of having enough cash to cover the entire price tag are pretty low. The vast majority of homebuyers in Saskatchewan take out mortgages in an effort to finance a home purchase.

For more information about the cost of a mortgage in Saskatchewan, look here.

As helpful as mortgages are, they can be somewhat complex. Here is everything you need to know about mortgages in Saskatchewan.

Mortgage Pre-Approvals

While not mandatory, it’s generally recommended that buyers get pre-approved for a mortgage before starting their search for a new home. A mortgage pre-approval will help get the ball rolling in the mortgage process and can help you determine exactly how much you’ll be able to afford in a home purchase. That way you don’t waste your time looking at homes that are way out of your budget.

Getting pre-approved for a mortgage will also help you gain a competitive edge when you’re looking at homes you’re interested in. Sellers prefer to deal with buyers who are financially qualified to go through with a deal. If a buyer is unable to follow through with mortgage approval, sellers could wind up back at square one looking for a buyer. And if you’re ever in a multiple offer situation, a pre-approval will come in very handy.

Want to know the difference between being pre-approved and being pre-qualified? Find out here.

Getting pre-approved for a mortgage in Saskatchewan can also help move the mortgage process along faster after you put in an offer for a home. Since you’ve already supplied most of the documents needed for the lender to make a decision about approving your mortgage application, the process can be more streamlined once your real estate deal is in escrow.

Types of Mortgages in Saskatchewan

When you apply for a mortgage in Saskatchewan, it’s important to understand what types of mortgage products that are available.

Conventional mortgages – These types of mortgages require a minimum 20% down payment. Any less than this amount would require you to pay mortgage default insurance, or CMHC insurance, to protect the lender. If less than 20% is put down, this would be considered a high-ratio mortgage, which would require a minimum 5% down payment.

Fixed-rate mortgages – This is a popular option for mortgages, especially among first-time buyers and those who like to have steady, predictable mortgage payments every month. With a fixed-rate mortgage, the interest rate remains the same throughout the term of the home loan, which keeps the mortgage payments unchanged every billing period. This is an attractive option when rates are expected to increase in the near future. In this case, it makes sense to lock in at a lower rate before they rise.

For a more detailed explanation of fixed vs. variable rate loans, check this out.

Adjustable-rate mortgages – Unlike fixed-rate mortgages, adjustable-rate mortgages come with a rate that fluctuates and adjusts every so often. Because of this change in interest rate, mortgage payments can change as well. This is an attractive option because the rate is usually lower than that of fixed-rate mortgages.

However, this rate can and does change, in either direction. Buyers who choose this options are usually those who do not plan to stay put in their homes for very long, which means they can take advantage of a lower rate before the initial introductory period expires and the rate adjusts. However, if rates are expected to increase soon, fixed-rate mortgages may be best.

Bridge loans – People who have bad credit and are not able to get approved for a conventional mortgage may turn to bridge loans, which are designed to provide a short-term solution to consumers by using the equity in their homes to give their credit a boost when conventional lenders reject their home loan applications. Bridge loans provide consumers with the opportunity to access lower interest rates on mortgages in the near future.

Need to know more about short term mortgage financing and bridge loans? Take a look at this.

Home equity line of credit (HELOC) – HELOCs allow borrowers to borrow money against their home and are also known as second mortgages. These loans work by taking out a new loan on a home that is already mortgaged. By borrowing against the equity in a home, borrowers can access money to be used for other purposes.

Having trouble deciding between a HELOC, refinancing, or a second mortgage? Try reading this.

Mortgage Payments Options

A mortgage is a type of installment loan, which means the full loan amount is repaid in regular installments until the entire amount is paid off in full by the due date. The most common mortgage payment schedule includes monthly payments, but there are other payment schedules available, including the following:

• Bi-weekly – Rather than making one monthly payment, you would make two payments per month for a total of 26 payments.
• Accelerate bi-weekly – This schedule helps to pay the mortgage off sooner and involves making one-half of the monthly mortgage payment every two weeks.
• Weekly – As the name suggests, a weekly schedule means you would making payments once per week.

Want to know how much it costs to purchase a house in your city? Check out this infographic.

Credit Score Needed to Get Approved For a Mortgage in Saskatchewan

There are specific requirements needed in order to get approved for a mortgage in Saskatchewan and a good credit score is one of them. In Saskatchewan, the minimum credit score needed to secure a mortgage is generally around the 680 mark. Any lower than that can make it very difficult to get approved for a home loan.

This is why all Canadians should be monitoring their credit scores.

Even if you were to get approved, the interest rate you would be offered would likely be much higher compared to that which would be offered to a borrower with a high credit score.

A credit score is a reflection of a borrower’s financial past. Low scores are usually indicative of a history of missing debt payments, which is exactly what lenders don’t want. In the eyes of a lender, the higher the credit score, the better.

Bad Credit Mortgage Alternatives

Bad credit can get in the way of mortgage approval in Saskatchewan. But luckily, there are alternatives that bad credit borrowers can look into in order to make their dreams of homeownership a reality. Here are some options that may be available to you:

Co-signers – If you are not able to get approved for a mortgage because of your bad credit, getting a co-signer with good credit to sign the home loan documents along with you may be just enough for the lender to approve your application. Co-signers essentially back up the loan in case you ever default on your mortgage payments at some point.

You can also try applying for a guarantor loan.

Bad credit lenders – While conventional lenders require borrowers to have a good credit score, there are lenders out there who specialize in lending money to borrowers with bad credit. Rather than focusing on a person’s credit score, lenders place more weight on other factors, including income and down payment amount.

Improving your credit score – If your credit score is lagging, the ideal situation would be to take the time to improve it. After a few months of being diligent with your credit and your finances, you may be in a better position to apply for a mortgage in Saskatchewan and get approved. To improve your credit score, be sure to keep the following in mind:

• Make all payments on time and in full every billing cycle
• Don’t apply for many loans at once
• Don’t close any credit accounts that still have balances on them
• Keep old credit lines open
• Keep your credit card expenditures less than 30% of your credit limit

Being responsible with your credit can help you increase your score within a few months, which can help make it easier for you to get approved for a mortgage in Saskatchewan.

Learn more about how your credit score is calculated here.

Compare Different Mortgages In Saskatchewan

Just like shopping for other items, it pays to compare different mortgage products from different lenders. This will help you find a mortgage that comes with more ideal terms for your situation. When comparing mortgages, pay attention to the following details:

• Interest rate
• Fees
• Term
• Amortization period
• Pre-payment options
• Early repayment penalties
• Points to pay down to lower the interest rate

Comparing each of these factors between mortgages can help you choose the one that will be most affordable for you.

Here are some other features you’ll want to see in your 2018 mortgage contract.

Mortgage Amortization Period

You will be given a certain amount of time to pay off your mortgage in full. This is known as the amortization period, and it can vary in length from one mortgage to another. That said, the most common length for an amortization period is 25 years.

You can choose to go with shorter or longer amortization periods depending on your needs. There are pros and cons to each choice, so it’s important to understand them before you make your decision.

Click here for an idea of how long you should amortize your own mortgage for.

Shorter amortization periods are beneficial in that they allow you to pay off your mortgage in a shorter amount of time. They also involve paying less in interest over the life of the loan, which can translate into thousands of dollars saved. However, shorter amortization periods require higher monthly mortgage payments compared to longer amortization periods.

Longer amortization periods are attractive to borrowers because they require lower monthly payment amounts, which can make buying a home more affordable for many buyers. However, they take longer to pay off and are more expensive overall because of all the interest that is paid over the life of the loan.

What’s the difference between a mortgage amortization and mortgage term? Find out here.

Mortgage Insurance Rules in Saskatchewan

In order to borrow a certain amount of money to buy a home, you will need to contribute a lump sum of money up front first, which is known as the down payment. The amount you put down depends on the amount you need to borrow and the type of mortgage that you are applying for.

As mentioned earlier, a conventional loan, with a less than a 20% down payment, requires mortgage default insurance, which is typically rolled into the mortgage payments. This insurance policy is paid by the borrower but covers the lender in the event that you default on your mortgage payments at any point over the life of your home loan.

Read this to gather more information about high-ratio mortgages and mortgage default insurance.

How to Save for a Down Payment

Saving up thousands of dollars for a down payment can be tough, especially when you consider how expensive homes are these days. But there are things you can do to save up for a down payment if you take the time to do so. Here are a few tips to save up for a down payment to get approved for a mortgage in Saskatchewan :

• Make saving a priority
• Cut down on your spending
• Take a percentage of your paycheck to be put toward your down payment
• Automate your savings
• Pay down high-interest debt to free up funds to save for a down payment
• Borrow from your RRSP account
• Look into First-Time-Homebuyer Programs
• Borrow from a family member

Need to know how to borrow money for a down payment? Try clicking here.

Frequently Asked Questions

Getting The Mortgage You Want

Getting approved for a mortgage is a big deal and a huge feat. But with the right product, some due diligence on your part, and help from the experts, there’s no reason why you can’t secure a mortgage in Saskatchewan. Get in touch with Loans Canada today to find the right home loan product for you.