The Ultimate Guide to Getting A Mortgage in Regina

Posted by Joyce Tourney on Thursday, November 8th, 2018 at 4:00pm.

The ultimate guide ot getting a mortgage in regina, sk

Residents love Regina for its sense of community.  It is a city where you can plant some roots and live a lifestyle you have always dreamed of.  Whether you’re moving as a single professional or as a family, this dynamic city is bound to feature a home for sale that suits your needs and preferences.

If you’re currently looking to get a mortgage in Regina, we know what you’re thinking:

Getting a mortgage seems like quite an intensive and daunting process at first. There’s a lot of paperwork to fill out, hoops to jump through, and local rules to follow in order to have a shot at your dream property.

Look:

The best way to make sure you’re ready to get a mortgage in Regina is to arm yourself with knowledge of the home buying process and a solid understanding of your own financial details. Even a general understanding of first-time home buying, what’s required of you to qualify for a mortgage, and the different types of mortgages available can aid you in preparation of receiving your first mortgage in Regina.

Here are some helpful tips to consider before getting a mortgage in Regina.

Do Your Research

When it comes to getting a mortgage in Regina, knowledge is power. Many taxes and regulations are the same across Canada, like the Home Buyer's Plan (HBP), which allows you to withdraw from your RRSPs in pursuit of buying or building a home. Some taxes and regulations, however, are specific to provinces and territories.

Aerial view of Regina

Saskatchewan specifically offers a First Time Home Buyers Tax Credit to eligible taxpayers on qualified homes. 

To prevent any unwanted surprises during your home buying process, use the internet to your advantage. Make sure to stay up-to-date on any changes nationwide or locally that may affect your ability to get a mortgage in Regina.

Check All the Boxes

Here’s the deal:

In order to get a mortgage, you have to be financially prepared for home ownership. Be aware of any debt and closing costs, know how much house you can afford, and how much you can put towards a down payment on your new Regina home. To get clarity on just how much Regina house you can afford, give our Mortgage Calculator a try.

Generally, in order to get a mortgage, you need to meet the following requirements:

  • Full time employment & proof of income
  • Good credit rating
  • Verifiable down payment
  • Online approval of your application

Be prepared to present these details, and you’ll be well on your way to getting a mortgage in Regina.

Perform A Stress Test

Couple signing mortgage papers

As of January 1st, 2018, all homeowners - even those applying for conventional uninsured mortgages - must partake in a mandatory stress test to determine how your finances might be affected by any possible turmoil in the future.

Although it isn't exactly encouraging to perform such a test, the mortgage stress test provides an excellent perspective of your financial situation, and is helpful in making sure you don't end up with more debt than you can handle.

Get Pre-Approved

Get ahead of the game; get pre-approved for a mortgage so you’re fully prepared to make an offer when you find your dream Regina home.

Mortgage pre-approval gives you visibility on how much your lender is willing to let you borrow in pursuit of your new home. Once you’re aware of your price range, you can then start the exciting process of looking at houses.

You can even get a pre-approval that is valid up to 120 days prior to the purchase date, with a possible extension for new constructions. By taking advantage of these methods, you can potentially speed up the home buying process and ensure you’re ready for the next phase after you find the home for you.

Choose the Right Support System

Couple moving into new home

You can trust your Mortgage Specialist from your bank or a licensed Mortgage Broker to provide expert assistance on mortgage options and solutions that meet your needs. They can help you find the best mortgage financing available with the most competitive rates, and advocate for you in negotiations.

The professional real estate team at the Tourney Group are incredibly experienced and knowledgeable regarding buying your first home in Saskatchewan.

 

 

As the best in Regina real estate, the agents at the Tourney Group are eager to assist you in buying your first home. Contact them today!

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