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.

 

 

Dealing with Mortgage Payment Difficulties & Fort McMurray fire disaster

Devin Cristo and Wes Will are Trusted Saskatoon Licensed Mortgage Associates with Your Mortgage Link, Brokerage License #315794. Your Mortgage Link is a Saskatchewan based brokerage operation, with offices in Saskatoon and Regina, competing in the wholesale mortgage market Canada wide. Our goal is to offer clients a broad range of mortgage products, and create competition between many of Canada’s top lenders.

Mortgage Payment Difficulties

When unforeseen financial circumstances impact your ability to make regular mortgage payments, or disaster strikes, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

 

 

Dealing with Mortgage Payment Difficulties

What Can We Do to Help?

If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.

1. Talk to your mortgage professional

  • To increase the chance of successfully managing your financial situation through early intervention, call your mortgage professional at the first sign of financial difficulty;
  • Ask the mortgage professional about information on the options available for managing your financial situation; and
  • Keep the mortgage professional informed as circumstances evolve.

2. Clarify the financial picture

In order to help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

3. Stay informed

The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions.

Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers like you understand debt problems, and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”.

How Can Your Mortgage Now and CMHC Help?

Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing.

For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include:

  • Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
  • Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
  • Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
  • Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
  • Offering a special payment arrangement unique to your particular financial situation.

CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.

 

 CMHC Tools to Support Canadians Affected by Fires in Fort McMurray and Area

Mortgage Payment Difficulties

CMHC joins Canadians in expressing our concern for the people of Fort McMurray and the surrounding area that are dealing with devastating forest fires.

As residents continue to deal with the effects, CMHC wishes to remind mortgage professionals that we can help you assist homeowners that may be affected by these unfortunate events. and their impending Mortgage Payment Difficulties.

For borrowers with CMHC-insured mortgage loans that are affected by the fires and who may require special arrangements to meet their mortgage payment obligations, CMHC offers Approved Lenders a series of default management tools including:

o        Deferral of payment
o        Re-amortization of the loan, to result in lower payments
o        Capitalization of outstanding interest arrears and other eligible expenses
o        Special payment arrangements
o        A combination of the above

Approved Lenders have the flexibility to make these special arrangements quickly and without CMHC approval provided that they retain a documented analysis of the borrower’s financial situation on file. Approved Lenders can refer to the CMHC Homeowner Default Management Guide for complete details on CMHC’s default management program. Please find attached a flyer providing a summary of these arrangements.

Approved Lenders are reminded that properties must be adequately protected by standard insured perils and that any damage exceeding $5,000 should be reported to the CMHC Claim Payment Centre.

CMHC recognizes that homeowners affected by the fires may experience some financial hardship due to income shortages resulting from temporary evacuations or due to the need to rebuild or repair their homes. CMHC encourages homeowners with CMHC-insured mortgages to contact their financial institution at the first signs of financial difficulty to discuss their specific situation. 

To help you share information with any of your clients that may be affected, please also find attached CMHC’s “Dealing with Mortgage Payment Difficulties” factsheet. 

CMHC’s Default Management Tool Selector can also help lenders to determine what CMHC default management tools are most appropriate given the borrower’s circumstances. CMHC also offers comprehensive training to Approved Lenders covering CMHC’s default management tools and more. If you are interested in obtaining training, please contact your CMHC Account Manager, Client Relations.

CMHC’s Default Management and Claim Specialists are also available to assist you at any time, including before a default occurs and during early stages of payment delinquency. The Specialists have the expertise to help you manage unusual or complex default situations. Contact the Claim Payment Centre, Monday to Friday at 1-866-358-9999 or by email at cpc@cmhc.ca, to speak with a Specialist.
You can work with confidence, knowing that you are supported by an experienced and informed mortgage loan insurance provider in the Canadian housing market.

Do not hesitate to contact me if you have any questions or require assistance.

CMHC is Canada’s national housing agency. For over 65 years CMHC has shared a wealth of knowledge and housing expertise to help create an informed and reassured homeownership experience for Canadians.

Sarah’s Your Mortgage Now testimonial

Devin Cristo and Wes Will are Trusted Saskatoon Licensed Mortgage Associates with Your Mortgage Link, Brokerage License #315794. Your Mortgage Link is a Saskatchewan based brokerage operation, with offices in Saskatoon and Regina, competing in the wholesale mortgage market Canada wide. Our goal is to offer clients a broad range of mortgage products, and create competition between many of Canada’s top lenders. More than anything we want to make your mortgage experience as stress free and easy as possible. We are never happier than when are clients share that we achieved that … as in the testimonial below.

testimonial

Your Mortgage Now Testimonial from Sarah

“Going through a divorce is a stressful, emotionally stunning time. Thinking about all the ins and outs of daily life not to mention the big picture items such as mortgage, bills, children’s care and expenses that accumulate with legal fees is overwhelming and pressure-filled.  It is not insurmountable however when you have the right people in your corner, working with you, being patient with you, and providing you as much guidance as they can as you navigate through the waters.  Devin and his team have gone above and beyond for someone like me.  I felt respected and listened to at all times, and my concerns were real.  I never felt rushed and I was encouraged to ask questions when I needed more explanation.  I felt cared about and for.  When the time came for some excitement and I wanted to remain optimistically reserved I was granted the time to smile as they also felt excited for me.  Devin is a kind, patient, and heartfelt businessman.  I am grateful for the support through what I know to be one the hardest things to go through in this lifetime.  I have a new mortgage and my smiles exist and I feel safe and secure for myself and my children.  Hard work is ahead of me but with this kind of professional care I know I am not alone and that has made the world of difference.  For all people going through divorce I recommend this team from the bottom of my heart.  ” 

Your Mortgage Now Saskatoon discloses Mortgage Costs

Devin Cristo and Wes Will are Trusted Saskatoon Licensed Mortgage Associates with Your Mortgage Link, Brokerage License #315794. Your Mortgage Link is a Saskatchewan based brokerage operation, with offices in Saskatoon and Regina, competing in the wholesale mortgage market Canada wide. Our goal is to offer clients a broad range of mortgage products, and create competition between many of Canada’s top lenders.

MORTGAGE COSTS

mortgage costs
Over and above your down payment, there are always last-minute costs such as taxes, legal fees, appraisal fees, moving expenses, and house insurance to pay before you are finally a new home owner.

These are known as “closing costs”, and there are some that you simply cannot avoid or lessen, as they are legally required and often fixed at a particular rate or charge. The time to budget for those “end” expenses is now. You must be prepared to pay most, and perhaps all, of the following costs.

Property Purchase Transfer Tax

Some Provincial Governments impose a Property Purchase Transfer Tax (PPTT) which must be paid when a property is legally transferred to a new owner. Each Province has there own formula.

Taxes

If you are purchasing a new home, you may be subject to GST/HST on the purchase price. Most Provinces will reduce the GST/HST if the purchase price is under a certain threshold. Check your Provincial Government Web Page for details.

Legal Fees

The transfer of property ownership fro the seller to the buyer must be recorded in the Land Title Office. Only a lawyer or notary can act on your behalf during the completion of your purchase. Legal fees for this service typically include a registration fee, disbursements, and a fee to prepare and register the mortgage documents.

Property Tax Adjustment

Of the current owners have already paid the full year’s property taxers to the municipality, you will have to reimburse them for your share of the year’s taxes.

home-inspection

Home Inspection Fee

A property inspection includes a check of all the major components of a building – roof, foundation, insulation, plumbing, heating, and electrical systems are all properly tested and examined. Not only do inspectors catch things you may have missed, but they also provide a detailed, written inspection report. CIBC will pay up to $500 for home inspections in most places in Saskatchewan.

Appraisal Fee

Lending institutions require an appraisal of the property before giving you your mortgage funds; it will be your responsibility to pay the appraiser’s fee.

Title Insurance

The lending institutions may also require Title Insurance (which has now replaced a Survey Certificate in most cases) to formally establish the boundaries of the property and to ensure that all buildings are within those boundaries.

Mortgage Default Insurance

A high ratio mortgage allows borrowing more than 80% of the purchase price of the new home. In most cases, the premium is added to the mortgage amount, however if you can pay the premium upfront, do so now – it could save you even more later.

Life and Disability Insurance

As you take on any new debt, you should always consider your insurance protection needs, especially if you have a young family. You could purchase protection from your lender, however in most cases you would be better off to speak to an insurance agent/broker.

Fire Insurance

The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage before you receive any insurance proceeds.

APPLY ONLINE NOW or call us today!

Wes Will Mortgage Broker Devin Cristo Mortgage Broker

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

 

 

Easy Habits to Help Save for Your First Home

FIRST TIME HOMEBUYERS

first time home buyer

At YourMortgageNow.ca, we are always ready to answer any questions you may have about buying your first home in Saskatoon and area. But for some people, saving to buy their first home may seem daunting and they don’t quite know where to start. Here are some great money-saving tips to get you started:

  1. Set a long-term goal: “I want to buy a home by the age of 30” or “I want to buy a home within five years of graduation from college”.
  2. Determine how much you can afford: Be realistic about where you want to live and what type of home you will likely be able to afford. Consulting a financial advisor or mortgage professional early on will put you on the right path to fulfilling your goal.
  3. Create a budget: Keep track of all the money that comes in and all the money that goes out. Balancing expenses against income will help you determine what, if any, adjustments you need to make to your spending habits in order to build savings.
  4. Pay yourself first: Open a separate savings account and deposit a set amount of money every month through an automatic withdrawal from your paycheque or other bank account.
  5. Live on cash: Every pay day give yourself an allowance in cash to get you through to the next pay day. If you don’t have cash handy you might think twice before buying something you don’t really need.
  6. Build your savings account: Live off your day-to-day earnings and make the most of every unexpected inflow of cash. If you work overtime or receive a bonus, put that money right into your savings account.
  7. Party at home: Going out for dinner, clubbing or a movie can really add up on your monthly expenses and kill your budget. Host movie nights or potluck dinners at home and see your savings grow.
  8. Earn extra income: Sell unused items online through sites such as eBay, Craigslist or Kijiji; take on a second job; work part-time and summers if you’re a student.
  9. Open an RRSP account early on: The Federal government’s Home Buyer’s Plan allows you to withdraw up to $20,000 from a Registered Retirement Savings Plans (RRSP) for a down payment on a first home. Consult with a financial advisor or mortgage professional to grow you investments wisely.
  10. Do your homework: Before making any big investment or purchase, do some research. Avoid spending on impulse or emotion. If it sounds too good to be true, chances are it is.

Happy Saving!

Wes Will Mortgage Broker Devin Cristo Mortgage Broker

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

How To Calculate The Monthly Costs of Owning a Home

As your licensed mortgage associates, we want to ensure you are well prepared for home ownership. This includes the many monthly fees that many homeowners don’t see coming. Some of them, like taxes, may not be billed monthly, so do the calculations to break them down into monthly costs.

 

How To Calculate The Monthly Costs of Owning a Home.

The Mortgage Payment
For most home buyers, this is the largest monthly expense. The actual amount of the mortgage payment can vary widely since it is based on a number of variables, such as mortgage term or amortization.

Property Taxes
Property tax can be paid in two ways – remitted directly to the municipality by you, in which case you may be required to periodically show proof of payment to your financial institution; or paid as part of your monthly mortgage payment.

School Taxes
In some municipalities, these taxes are integrated into the property taxes. In others, they are collected separately and are payable in a single lump sum, usually due at the end of the current school year.

Utilities
As a home owner, you’ll be responsible for all utility bills including heating, gas, electricity, water, telephone and cable.

Maintenance and Upkeep
You will also have to cover the cost of painting, roof repairs, electrical and plumbing, walks and driveway, lawn care and snow removal. A well-maintained property helps to preserve your home’s market value, enhances the neighbourhood and, depending on the kind of renovations you make could add to the worth of your property.

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

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

Mortgage Advice Buy a Home Sooner to Build Equity

It can be very beneficial to buy a home you can afford sooner rather than later. A home allows you to build equity and with every mortgage payment you make each month, you are building equity in a place of your own – unlike a rent payment.

Mortgage Advice Buy a Home Sooner to Build Equity Equity is the difference between the value of a home and your outstanding mortgage balance. The longer you stay in your home (and the more mortgage payments you make), the more equity you’ll have. Unlike most things you buy, a home will almost certainly increase in value over time – which builds even more equity.

Once you’re a homeowner, the payoff can be great. As the equity in your home grows, your financial flexibility also increases. Think of it as an extra source of financing for when the unexpected happens. An added benefit of borrowing money against the equity in your home, is it usually comes with a lower interest rate than other forms of credit, such as consumer loans, lines of credit and credit cards.

Here are some ways you can use the equity in your home:

  • Pay off other debts with higher interest rates (like credit card debt)
  • Renovate or repair your home – build a new room or put in a swimming pool
  • For important life events – a wedding, dream vacation or university tuition
  • Purchase a second home or vacation property
  • Emergencies – like a serious illness

Investing in a home can have a significant payoff over time. And the sooner you begin, the sooner you’ll start building equity.

 

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