When purchasing a home in Saskatchewan, getting a mortgage will likely be one of the most significant financial commitments you’ll make. It can also be a big hurdle—especially without the right help and information guiding you. But we’re here to help!
3 Vital Components of Getting a Saskatchewan Mortgage
There are several things to consider before taking out a mortgage, including your budget, credit score, and down payment amount. Let’s discuss these three vital components of getting a Saskatchewan mortgage today.
- Mortgages and your budget
The amount you can borrow depends on your income, expenses, and the size of the down payment you can make.
Remember to factor in all costs associated with homeownership, such as property taxes, home insurance, and maintenance costs. Knowing what you’re comfortable spending ahead of time will help narrow down the right mortgage options for you.
- Credit score and mortgages
Your credit score plays a starring role in determining the interest rate of your mortgage. A higher credit score gives lenders more confidence in your ability to repay the loan, equating to a lower mortgage rate.
Is your credit history less than ideal? Don’t worry—there are ways to become a more attractive borrower. For example? Paying down debt and keeping all of your accounts in good standing.
- Down payment
The higher the down payment you can make, the lower your interest rate may be when taking out a mortgage in Regina, Estevan, or another city in Saskatchewan. A larger down payment also means you’ll owe less on the loan. This can help you keep your payments manageable over time.
Getting a Mortgage in Saskatchewan
Saskatchewan residents have several options when it comes to choosing a mortgage provider. Banks, credit unions, and mortgage brokers can help you find the right mortgage product. Shopping around and comparing rates from different lenders to ensure you get the best deal possible is always encouraged!We’re just scratching the surface today when it comes to Saskatchewan mortgages. Call the friendly team at City Centre Mortgages to discuss finding the right mortgage for you.