Jenn Slater Mortgage Associate
200-203 Stonebridge Blvd S7T0G3 Saskatoon, SK, Canada

Mortgage Rates! They’ve dropped again slightly... so if you think you’re paying too much, you might be! And if you’re considering a fixed rate vs a variable rate, it’s a great question to have. Fixed rates give you the security of knowing exactly what you’re paying for your term. But a variable rate gives you a little flexibility if you want to break your term - And the government has committed to not increasing the Bank or Canada prime rate for 3 years! So if you’re wanting to compare your current mortgage rate with rates now, maybe your mortgage is up for renewal in the next few months, or you’re thinking about a refinance, get in touch. Let’s find the rate that works best for you!

Here's some info that could be super boring... why did I become a mortgage broker? After working in the banking system for 15 years, and working my way up as a financial planner, I thought there had to be a better way to help my clients. So now, as a broker, I don't have to fit my clients into one little "box" dictated by the rules and the interest rates of one bank. Instead, I have 30 different lenders that I can send my clients to, finding the right fit for them. Using my b...ackground as a financial planner, I can help my clients with tax and cashflow planning, discussing investments, debts, or retirement, and just establishing their main objectives. That's where we can determine the best lender and the best mortgage for their needs. So if you feel like you want options with your mortgage, I'd be so happy to help! We can sit down and find what mortgage is right for you!

What other mortgage broker posts themself in sweats and a ponytail? This one. Lol. Because my point isn't about I'm wearing, it's about what is best for the client. Recently, the question of the day is, "should I put down a larger down payment or keep it?" With rates at historical lows, keep that money in your pocket! Pay off some higher interest debt, invest it, or save it for a rainy day. Because when you can borrow at under 2%, a smaller down payment probably isn't that s...ignificant to your monthly mortgage payment. And the great thing is, if you decide you want to pay those extra funds against your mortgage later, you can pay 15 to 20% of your original mortgage amount back to the principal annually. Yes, every single year. So if you're thinking about buying and want to know the difference in payments, or want advice on your current mortgage, get in touch. Let's figure out what's best for you and your payments.

If you're wondering if now is a good time to refinance or buy, it probably is! Rates are at historical lows and the Bank of Canada has hinted at not expecting rates to climb until at least 2023. If you're wondering what that means for you, check out my blog post. We can discuss what these rates mean for you and your financial situation!

I've found recently that there is a lot of confusion around how much buyers need for a down payment. It used to be that only first time homebuyers could put down as little as 5%. However, that rule changed some time ago. Now, if it will be your primary residence or a second home such as a cabin, or home for a family member, you can still put down as little as 5% for a down payment. The only time you're required to put down more is if it a rental property and you'd need 20% for a down payment. Questions? Just get in touch and I'd be happy to help explain!

My very favourite part of my job.... it’s not doing mortgages, it’s helping people!

If you're thinking about making changes to your living situation, be sure to be prepared ahead of time. If that means buying a home instead of renting, upgrading, downgrading, renovating, buying a cabin, or refinancing, be ahead of the curve. Get preapproved and get your documents to me ahead. That way you can be confident, knowing that your mortgage will be a fast approval. So if you're thinking making some changes, get in touch! Check out my blog post on documents needed and be ready to start house shopping! https://jennslater.ca/looking-for-a-new-mortgage-start-here/

Lots to talk about today! Watch my video about deferring payments, how it's now easier to qualify for a mortgage, and the lowest rate isn't always the best mortgage. If you read my blog post yesterday, know about the consequences of deferring your payments. You may have a harder time qualifying for a new mortgage or making changes to your existing mortgage. The rate required for qualifying for a mortgage dropped recently and now buyers may qualify for a slightly higher purcha...se price. Even a small change may help if you're looking at a particular price point or you're in a situation with competing buyers. If you've seen ads about amazing low mortgage rates (which rates ARE the lowest in history) but that rate seems too good to be true, it might be. Be sure to know all of the details on your mortgage rate and the features that go along with that mortgage. Make sure its the best mortgage for your situation! And as always, if you have questions about your mortgage, you're looking at a new purchase, or you're thinking abot a preapproval, just get in touch!