📅 Last Updated: September 29, 2021
✏️ Written By Lisa Rennie
🕵️ Fact-Checked by Caitlin Wood

Mortgages Saskatchewan - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
231700524800 Parachute$5,000 - $25,000 24.99% - 29.99% 30 or 60
$5,000 - $25,000
111692748800 BreeUp to $250 0% Up to 65 days
Up to $250
81688083200 City Lending Centers (CLC)$150 - $1,600 10 - 35% 3 - 6
$150 - $1,600
1001686182400 Northstar Brokers$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 Deposit My Cash Now$300 - $3,000 18% + fees 6
$300 - $3,000
1001686182400 My Next Pay$300 - $3,000 18% + fees 6
$300 - $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60 months
$15,000
11670889600 Fora$1,000 - $10,000 19.9% - 46.9% -
$1,000 - $10,000
71666051200 Nyble$150 0% -
$150
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
131639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% - 46.96% 9 - 78
Up to $35,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001598832000 LM Credit$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
1001580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
161580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001579219200 Instant Payday Canada- 15% - 19% -
-
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
171545955200 MarbleUp to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
191552262400 Money Mart$1,000 - $15,000 29.9% or 46.90% 6 - 60
$1,000 - $15,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551830400 Progressa$1,000 - $15,000 19% - 46.95% 6 - 60
$1,000 - $15,000
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551398400 Loan Express- - 14 days
-
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
151551139200 LendDirectUp to $15,000 19.99% APR Open-end
Up to $15,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 GoDay$100 - $1,500 - 14 days
$100 - $1,500
1001550534400 Focus Financial Inc.Up to $1,500 Up to 59% APR 14 days
Up to $1,500
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001567555200 Cash Depot$300 - $3,000 18% + fees 6
$300 - $3,000
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
1001548633600 Affirm Financial$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
1001548633600 310 Loan$50 - $1,500 - 14 days
$50 - $1,500
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545264000 Fast Access Financial$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
21543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 Cashco FinancialUp to $7,000 - 6 – 60
Up to $7,000
1001545350400 UrLoan$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
51545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Captain Cash$500 – $750 28% – 34.4% 3
$500 – $750
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
41545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
1001569974400 Speedy CashUp to $1,500 15% - 23% 14 days
Up to $1,500
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81714089600 Primed Loans$10,000 + 4%-45% 90 days+
$10,000 +
71714089600 OnTap Capital $10,000 to $2,000,000 10%+ Up to 36
$10,000 to $2,000,000
21669852800 Driven$5,000 - $300,000 - 3 - 24 months
$5,000 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
171607558400 Helium Loans$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
1001598918400 Loop- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lionhart Capital$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575849600 CanaCapUp to $250,000 - -
Up to $250,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 CWB National Leasing$3,500+ - -
$3,500+
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Dynamic Capital- - -
-
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 BDCUp to $100,000 6.05% + 60
Up to $100,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
1001545264000 iCapital$5,000 - $250,000 - 3-18
$5,000 - $250,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
61545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545264000 Company Capital$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
51545177600 OnDeck$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
41545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
31632960000 SafeLendUp to $50,000 15.99% + 12 -72
Up to $50,000
81624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
171607558400 Helium Loans$500 - $50,000 - 24 - 60
$500 - $50,000
1001594339200 Alphera Financial Services- - -
-
61582761600 Eden Park- 11.9% - 22.9% Up to 84
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001580688000 Rifco- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575504000 Canada Car Loans- - -
-
61569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera FinanceUp to $30,000 - -
Up to $30,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
51545264000 SkyCap Financial$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
1001545177600 Splash Auto Finance by RifcoUp to $50,000 - -
Up to $50,000
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001578873600 Instant Loans Canada$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
1001545955200 Newstart CanadaUp to $20,000 19% - 49% 36 - 48
Up to $20,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
71708473600 Blue Pearl MortgageVaries Varies 1 - 10 years
Varies
51700524800 Rocket Mortgage- - -
-
1001695772800 QuestMortgage- - -
-
41690934400 Neo MortgageVaries 5.54%+ Varies
Varies
21688601600 nestoMin $100,000 5.34%+ 2 - 10 years
Min $100,000
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Think Financial- - 36 - 60
-
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001580688000 Motusbank- 2.79% - 6.00% 6 - 60
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574985600 CMLS Financials$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001574899200 CanWise- 2.23% - 4.45% -
-
1001560124800 Centum- 2.89% - 3.79% -
-
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
1001548720000 Bridgewater Bank- - -
-
11517097600 Alpine Credits$10,000+ Based on equity -
$10,000+
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars 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.

Cost of Buying a House in CanadaWant 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.

Canadian Credit ScoreLearn 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

How do I get a pre-approved mortgage in Saskatchewan?

Pre-approved mortgages can give home buyers peace of mind. Of course, you’ll get to know in advance the maximum loan you qualify for and can better estimate your monthly payments. But, you also get better negotiating power with sellers and can rest easy by locking in a favourable interest rate for 2 to 4 months. You’ll need to consent to a credit check and submit documents to get pre-approval. These can include identification, proof of employment, down payment and closing costs; information about your debts, assets, and fixed expenses.

Where is the best place to get a mortgage in Saskatchewan?

Banks, credit unions, and caisses populaires are some of the main providers of mortgages. Mortgage, insurance, trust and loan companies are alternative providers of mortgages. Depending on your needs and financial situation, each type of lender may offer you different contract conditions and varying interest rates. It’s a good idea to seek out a licensed mortgage broker to help you navigate the wide variety of options. Brokers only get their finder’s fee once you’ve been approved for a mortgage, either by you or the lender.

What are prepayment penalties and privileges?

You can save money by paying off your mortgage quicker. Open mortgages allow you to make early payments and save interest without penalty. Closed mortgages do have prepayment penalties that vary depending on the lender and can cost thousands. Selling your mortgaged home or transferring to another mortgage lender can also trigger prepayment penalties. That said, closed contracts may give you a prepayment privilege. This is an agreed-upon amount that the lender allows you to pay in addition to your monthly rate without a penalty.

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.

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