Canadian Housing Market leading the way for economy to rebound

Buying a home is one of the most important and exciting steps in your life…. found the home you want now you need a mortgage. Deal with people who can offer you and your family the best options.  Devin Cristo and Wes Will of Your Mortgage Now are Saskatoon Mortgage Experts. We have many years of experience helping individuals and families by offering mortgages from a variety of lenders. Your Mortgage Now are Trusted Saskatoon Mortgage Brokers. In our latest article, we share the latest news and forecasts about the Canadian housing market.

Canadian Housing Market 2018 forecast

The Bank of Canada (BoC) announced at the end of April 2018, that after a weak economic performance in the first quarter of 2018, it is predicting a rebound for the economy in the coming months.

“GDP growth in the first quarter was weaker than the Bank had expected but should rebound in the second quarter, resulting in 2 percent average growth in the first half of 2018,” reads the BoC announcement.

The weak first quarter performance — which saw GDP growth fall sharply from 2.5 to 1.3 percent — has been widely attributed to a flagging housing market, as home sales dropped after the introduction of a new mortgage stress test on January 1.

“Slower economic growth in the first quarter primarily reflects weakness in two areas,” reads the Bank’s announcement. “Housing markets responded to new mortgage guidelines and other policy measures by pulling forward transactions in late 2017…Some of the weakness in housing…is expected to be unwound as 2018 progresses.”

According to BMO economist Benjamin Reitzes, the central bank’s more optimistic outlook for the second quarter reflects a belief that the housing market has adjusted to the new mortgage stress test, and will soon begin to recover.

“While Q1 GDP growth was cut sharply to 1.3 per cent…Q2 was introduced at a very solid 2.5 percent, suggesting that the BoC is looking for some stability in housing over the coming months, at a minimum,” he writes in a recent note.

Reitzes also agrees that a warmer housing market is likely this spring. “We’re looking for a similar rebound in Q2, so can’t argue with that,” he writes.”

It’s a sentiment echoed by Scotiabank economist Marc Desormeaux, who believes that the housing market is on its way to bottoming out, and will see a surge in activity later in the year.

“March’s uptick in home purchases [of 1.3 per cent] implies some bottoming out of sales activity, he writes, in a recent note. “Following the first quarter contraction, we anticipate a modest but broad-based recovery in sales activity [in the second quarter.]”

 

Deal with the Saskatoon Mortgage broker experts you can trust at Your Mortgage Now and be sure that you have looked at all of the options, and that you have the best mortgage products and the best mortgage rates to suit your needs.

They want this process to be as easy as possible for you. Run some numbers through their online calculators, and look through the resources that they offer on their website.

No time for an appointment?  No problem! You can apply online with Your Mortgage Now!

 

Original article: Buzzhomes- Sarah Niedoba

PST added onto CMHC Premiums as of August 2017

If you were on the fence about buying a house, do it before PST added onto CMHC!

 

Buying a home is one of the most important and exciting steps in your life…. found the home you want now you need a mortgage. Deal with people who can offer you and your family the best options.  Devin Cristo and Wes Will of Your Mortgage Now are Trusted Saskatoon Mortgage Experts and they have many years of experience helping individuals and families in Saskatoon and area by offering mortgages from a variety of lenders . Their latest article is about upcoming changes in August when PST added onto CMHC Premiums

PST added on CMHC Premiums

PST added onto Mortgage Insurance Premiums as of August 1st 2017

CMHC has recently advised us that there will be a 6% PST charge on all Mortgage Default insurance premiums (CMHC/GE/Canada Guaranty) as of August 2017.
CMHC will be required to collect 6% provincial sales tax (PST) on premiums and surcharges for full or partial loan advances made on or after August 1, 2017.
The Saskatchewan PST will be payable on premiums paid for all mortgage loan insurance transactions. The provincial sales tax cannot be added to the loan amount.

What does this mean for YOUR Mortgage?

If your possession date is on or after August 1/2017 there will be a 6% PST charge on your CMHC premium
An Example:
Purchase $450,000.00
Minimum 5% downpayment $22,500.00
=$427,500.00
+CMHC premium $17,100.00 (4% surcharge/minimum 5% down)
=Total mortgage $444,600.00
*TOTAL PST required at lawyers office payable=$1026.00 (6% of the CMHC premium)
This PST cannot be financed as part of the mortgage and is only applicable on insured mortgages (CMHC/GE/Canada Guaranty)

Looking to purchase a home soon?

Having the mortgage approval in place and taking possession before AUGUST 1st 2017 will save you this additional PST cost.

Deal with the Saskatoon mortgage brokers you can trust at Your Mortgage Now and be sure that you have looked at all of the options, and that you have the best mortgage products and the best mortgage rates to suit your needs.

 

 

Welcome to our new Your Mortgage Now Saskatoon website

A NEW WEBSITE FOR YOUR MORTGAGE NOW!

Devin, Wes and the Your Mortgage now Saskatoon mortgage team are thrilled to launch our new website to the World.

The Your Mortgage Now website

We wanted to create a new website that is consumer focused, a resource and one stop shop for all your mortgage needs.

Please check out the following new and improved features.

  • APPLY NOW  – No need to wait till office hours , apply for your mortgage from the comfort of your sofa!
  • MORTGAGE NEWS   – Our new simple to search resource library means all the info you need to do your research is right there and easy to find!
  • MORTGAGE RESOURCES  – A library of local mortgage and real estate professionals and a list of our lenders. All in one place for your convenience!
  • MORTGAGE CALCULATOR – On our home page – find out approximately what your down payment will be with our simple and helpful mortgage calculator.

 

Wes Will Mortgage Broker Devin Cristo Mortgage Broker Tanya Shar Mortgage associate

 

Please let us know how you like the new look, it was designed and built for us by Trusted Marketing Services and we think it reflects our personality and is a great resource for Saskatoon and area!

Your Mortgage Now website

 

 

We answered your Saskatoon mortgage questions on Talk to the Experts!

Saskatoon mortgage questions

This latest show we are featuring is the TRUSTED SASKATOON PERSONAL FINANCE SHOW
All of the questions on the show have been submitted by our wonderful Trusted Saskatoon Facebook Fans and one lucky fans question was chosen by Brent to win the Prize package submitted by the 3 Trusted Businesses worth over $350

Your Mortgage Now : $100.00 gift certificate that can be used at any of the Trusted Saskatoon Partners!

  • Category

We had the opportunity to answer your mortgage questions on 650 CKOM Trusted Saskatoon’s Finance Show. Make sure to listen to our show below as we covered topics on Mortgage Renewals, Fixed VS Variable Rates, Mortgage Broker VS The Bank, Home Equity and Rental Properties. Those who asked us the questions were also drawn for some great prizes!

To read our answers, you may also visited the Trusted Saskatoon Blog.

We’d like to hear from you! Please feel free to contact us today about your home mortgage questions.

Devin Cristo & Wes Will are Trusted Saskatoon Mortgage Associates of YourMortgageNow.ca

Buying a House With a Friend is Becoming the New Trend!

With house prices rising, it can difficult to afford a home on your own. You and a friend might be in the same situation and feel that if you pool your resources, you can invest in a home instead of throwing your money away by paying rent. What all parties have to realize is that this is a business partnership and should be treated as such.

What is involved with Buying a House With a Friend

Before you buy, it is important to look at the big picture and answer these questions:

  • Are my friends in a stable financial situation? Can they afford to split mortgage payments, utilities and come up with their share of a down payment? Ask them straight out, to avoid any issues in the future.
  • Do we share the same values? Are you both neat freaks? Couch potatoes? This can lead to tension as unlike a traditional business you are living with each other. People are used to doing things a certain way, are you ready to compromise?
  • Does everyone agree that this is an investment? Eventually, people’s lives change, they meet someone, relocate for a job. Have you talked about what will happen to the property when one person inevitably needs to sell their share?

Now that you have decided that this deal is going to work, you have to look at getting a mortgage. Is everyone involved going to be listed on the mortgage? All parties will have their credit ratings looked at and generally the person with the lowest credit rating will set the bar as to what a mortgage will be approved for.

After all of these questions have been answered and you have decided to go forward it is recommended that you find a lawyer. Once again, treat this investment as a business arrangement. Sit down with legal council and have a written agreement compiled that includes things such as:

  • Who will cover the down payment, property taxes, bills, and repairs when they are needed.
  • What will happen to the home if one of the owners is killed or incapacitated.
  • When can someone sell or leave the partnership? Do they need to give notice? Can the other partners buy out their share?

Sitting down with a lawyer will make sure that everyone fully understands how situations will be handled as they come up.

The last thing you may want to talk to your new business partner about are the house rules. Set out guidelines regarding pets, parties, noise and guests.

Purchasing a home with a friend can be an excellent way to start building your equity. As long as all of the people involved have been upfront with each other, there should be no surprises along the way to jeopardize the partnership. Let us help you when it is time to apply for that mortgage. We are here to answer any other questions that you may have when planning on buying a home with friends.

Devin Cristo & Wes Will are Trusted Saskatoon Mortgage Associates of YourMortgageNow.ca

Secondary Suite Program

Secondary suites, commonly known as basement suites, are a form of housing that can be put in single family homes.  These rental units are a great way for homeowners to generate extra revenue.

Secondary suites offer greater affordability and choice in terms of rental accommodations in Saskatoon. To encourage the creation of new and the legalizing of existing secondary suites, the City of Saskatoon will rebate permit fees for building and plumbing permits as well as a portion of the Legalizing an Existing Suite (LES) Occupancy Permit fee for completed secondary suites. Homeowners who wish to obtain rebates of permit fees for the construction of a new or the legalization of an existing secondary suite must have a valid building permit or be engaged in the LES process and must apply to the Planning and Development Branch.

The City’s permit rebates complement the Secondary Suite Program offered by the Saskatchewan Housing Corporation.

What Does the Secondary Suite Program Offer?

  • Provides financial assistance to eligible homeowners and rental property owners to construct or renovate a secondary suite in the form of a forgivable loan for 50% of the total construction/renovation costs to a maximum of $30,000 per suite.
  • Help increase the supply of affordable housing for low- to moderate- income people.

Eligibility Criteria

  • Applicants must own existing property or be in the process of purchasing or contracting a newly constructed home that includes plans to develop a secondary suite.
    • New construction applications where land has not been transferred to the purchaser must be accompanied by: the Developer building permit, a copy of the plans and building specifications, copy of the sales agreement/building contract, a breakdown of building costs associated with the secondary suite, and purchaser confirmation of financing.
  • Applicants must house eligible tenants that have an annual gross household income below the applicable income threshold as set out by Saskatchewan Housing Corporation.
  • Applicants must keep rents affordable based on the Saskatchewan Housing Corporation rent schedule for the term of the loan.
  • The secondary suite must be a private, self-contained residential unit that meets all national, provincial and municipal bylaws, codes and standards.

Applicants must receive written funding approval from Saskatchewan Housing Corporation prior to commencing renovations on an existing suite OR prior to placing the first initial tenant in a new suite.

To apply for the Secondary Suite Program, visit: www.socialservices.gov.sk.ca/housing

Download a copy of this information > Secondary Suite Program

 

 

Things To Do Before You Renew Your Mortgage

If you have a mortgage coming up for renewal this year, it’s a good idea to check on a few details well in advance of your current term’s expiration date.

For example, determine whether you need to produce new documents to verify ownership before you get your new financing in place. An old property survey or condo agreement that is outdated and/or in need of correction may require official amendments before you can secure your new mortgage. Since such documents can take time, it’s wise to keep an updated file of all changes to your ownership status and have it ready when it’s time to renew.

Is your mortgage up for renew? Make sure to contact us to secure your low interest rate! (306) 244-7755 or devinandwes@www.yourmortgagenow.ca

Are You Asking Your Mortgage Associate the Right Questions?

Your home will likely be the single largest purchase you make and will be a part of your life for the next 25+ years. Decisions you make now could affect you for years to come, which is why it is imperative that you know what to look for in a mortgage associate and understand the process that goes through with applying for a mortgage. Don’t be afraid to ask questions. The more you get to know your mortgage associate beforehand, the better.

Ask your friends and family for recommendations.

If they own a home, your friends and family members have been through the very same process. Make sure you ask the opinion of someone you consider a reliable source.

Do your own research over the Internet and by phone.

Don’t just trust the recommendations of your family and friends. Ask questions about deals and conditions, and don’t be afraid to compare mortgages rates offered by different providers. Do your homework.

Take notes.

The notes you take will come in handy when making your final decision. Take notes that include names, dates, and offer details.

QUESTIONS TO ASK YOUR MORTGAGE ASSOCIATE

How long have you been in business?

Although there’s nothing wrong with working with someone who’s new to the business, you will probably want to work with someone who has some experience under the belt. Does this associate have an office? Is it buzzing with business, or is it quiet and conservative?

What kind of education or licensing do you have?

All mortgage associates in Canada require a license in order to practice. Some are members of associations, while others work from private practices.

What do you base your recommendations on?

Remember that your mortgage associate works for the lender. It is their responsibility to deliver good, credit-worthy borrowers, like you. If they recommend a certain lender for you, ask why. You want to be sure that they’re making recommendations for the right reasons by choosing a lender and rate that will fit your file.

Make sure to Review your Mortgage Commitment from the Lender

If your mortgage associate has promised you a specific rate, review your Lender’s Mortgage Commitment to ensure the discussed rate is locked in.

Are you affiliated with any mortgage associations?

Membership to some mortgage associations can sometimes be indicative of the associate’s oath to offer the best loan options available, regardless of commission. Membership to some associations requires additional education and examinations. Also, those mortgage associates who do belong to professional organizations may also be listed in a directory.

Can you provide me with references?

Even though your mortgage associate will most likely come armed with testimonials from past clients, there is no way of determining how old those testimonials are. Instead ask them for the names of Realtors with whom they’ve worked.

How often will we be in contact?

Although this might seem like an unimportant question, it could be the difference between a painful experience and a smooth transaction. Lenders might ask for several documents at different times during the process. Whether they need proof on down payment resources, letters from employers or identification, your mortgage associate will notify you once the lender has asked for certain documents so you can provide them.

The combination of thorough research and proper inquiry should help you narrow down your pool of potential loan providers. Trust your gut and only make your selection if you are fully comfortable with it.

For our most recent Rate Updates, visit www.www.yourmortgagenow.ca or subscribe to our monthly Newsletter

Good Luck! Call us today if you have any questions : (306) 244-7755

We have joined the Trusted Saskatoon Family!

 

Last month, we joined forces with TrustedSaskatoon.Com. This is an ideal opportunity to be a part of a growing community of businesses right here in Saskatoon.
TrustedSaskatoon.Com is a great resource to save you time and money. They have done the research on each company for you. All the businesses on this site are contracted to uphold the 5 TRUSTED GUARANTEES:

1. Provide the service and quality promised.
2. Complete the job on time.
3. Charge the price quoted with NO surprises.
4. Communicate honestly and be responsive to customer needs.
5. Resolve any issues with customer satisfaction in mind.

So what does this mean for us?
We take pride in providing top notch service and product to our clients, so why not spread the word? We take the time to listen to your individual situation, answer your specific questions, and meet with you on your schedule. We have access to over 20 lenders and can access new products immediately. Plus, it doesn’t cost you anything for our service! We can essentially negotiate the lowest rate for you, and because we acquire high quantities of mortgage products, we can pass volume discounts directly on to you. Now let’s see your bank do that!
Like any other Trusted business, we make you number one!  YourMortgageNow.Ca is always free to help because the most important mortgage is YOURS!