First-time homebuyer? Here’s what you need to know

Becoming a new homeowner

For many homeowners, especially the first time-owners, this is going to be a tough summer.  Many buyers face intense competition and run into bidding problems over real estate markets that typically favour deliverers. However, this does not mean you are not expected to leave your hopes of owning your first home to the side. That doesn’t matter. The first-time home buying process is always difficult, finding the mortgage broker that’s right for you always helps.

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Be realistic

Do you know that HGTV shows make it very enjoyable and fun to get your house buying? The buyers Only check three houses, found their dream home, get the approved valuation under their budget, all on the same day. That is not how the IRL operates, indeed.

“A real estate bureau in Chicago says most of the purchasers after see three homes are saying, ‘wow, this is nothing we want. We got to see more.” The hunting outside your houses may take much more time, stressful or exhausting. Open homes and home appearances can take up your weekends and expand into your nights over the week, while it can be an intrigue to watch fresh online listings.

Don’t bite off more than you can chew

Specialists suggested that you prepare a lender before you formally begin to hunt. This can be a perfect starting point to find out what you should do with money. But only because you have had a set approval for a fixed sum does not suggest you have to pay that much. Creating a budget will decide how much money you spend the remainder of the month.

Take the time to check for the demand after you have located a cap to realize how far the budget can go. “Get realistic about what your money can buy.” And when we fall in love with a spot, it can be emotional for the buyer to raise and they’re budgetary for home. Yet realtors say it could be a major misunderstanding.

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Play it cool at the open house

At last, you found your dream home. This is fine, and you just get to start making your deal. Be cool. To initiate a partnership helps create contact with the seller agent, but oversharing can lead to problems. E.g., the agent gets nervous about the fact that you live in the city and tell your parents to accept any of these expenses. There are also questions for those who work around it because there isn’t much.

It’ll about a works placement expects to get easier to run and the strategy to stay consistently smooth and push the closing table away from you.’

Be prepared for rejection.

Sellers have head positions in many housing markets, which means considerable competition—especially at the consumer level. A lot of people would not consider the first bid. Many potential buyers do not send a bid until they have seen 15 or so houses. Whenever it hurts to be denied, as time goes by, the process gets better—the same time.

Lay low once your offer is accepted

As soon as an approved bid is presented, the debtor shall begin the mortgage confirmation period. Banks will audit your finances, and any major transactions would impact your certification status. Then lay off your credit cards and do not plan to leave your job immediately.


Buying a new home can be stressful. Here’s some tips.

Five tips for mitigating the stress that comes when you decide on buying a new home

There’s no arguing, whether or not you’ve done it before, that buying a new home is stressful. A home is one of the most significant financial investments you can make throughout your lifetime, and in the process, several unforeseen things can come up that might throw you for a loop. But worrying and feeling stressed won’t help you get readily moved into a new home. Try to take your time, do your homework, and enjoy your life with this exciting move. Here are five strategies for handling home purchasing stress.

  1. Set Clear House-Hunting GoalsBuying a new home

Have a realistic overview of what you want before starting the hunt. If you’re uncertain of what you’re looking for, you’re going to spend a lot of time looking at houses that will not suit your aesthetic or lifestyle, not to mention your budget. Consider factors such as housing type, number of bedrooms and bathrooms, exterior type, square footage, distance from work and school, levels of noise, neighbourhoods, and the amount of maintenance needed.

  1. Be Flexible

Decide which features you can live without after you’ve built a checklist for your dream home. The chances of finding a home that checks all the boxes are low, so it is likely to compromise on some of your demands (but that doesn’t mean you have to settle for a house you don’t like). Determine for you and your family the most important aspects of a home, and bear in mind that being fair with your demands could mean having more choices to choose from.

  1. Budget And Save

mortgage rates canadaThe most significant stress aspect of the home buying process could be money issues. The cost of purchasing a home is high; bear in mind that you will need to save for items like home assessments and inspections. Determine how much house you can pay and where most of your money will be spent, such as renovations or real estate taxes, for example.

  1. Weigh The Pros and Cons of Using A Real Estate Agent

We realize that you want to do it personally, but it could reduce the stress of buying a house by working with a real estate agent. A real estate agent’s experience will make you feel more secure because they can make a deposit and down payment, set a closing date, calculate closing costs, and arrange inspections. You want to deal with someone who has your best interests at heart, so try to select an agent from trusted friends or family who comes with strong recommendations.

  1. Take a Deep Breath

The only thing left to do is to relax once you have submitted your best bid and signed a purchasing agreement with which you are satisfied. Focus on other items that need your undivided attention while you’re waiting for the seller to respond. To chat about your problems, call friends or family members who have bought a house before, but don’t let your fears take over.

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Your Mortgage Broker: Getting Ready To Sell Your House.

Getting Help to Sell Your House

To sell your house is a big decision that should not be taken lightly. Do not panic! There is a lot of resources out there to help you! You might want to ask help from a real estate expert or a Mortgage broker like Ryan Michell. It does not matter why you want to sell your house, getting that kind of help might be the difference between a deal and an amazing deal. You have worked hard to maintain this beautiful house of yours, let us help you to get the right price for it! 


Your Home Sweet Home

Over the years, you have started to love the place where you created all those memories and you might have forgotten all the downsides of your home. It might be the right decision for you to sell your house, but you have to make sure that it is ready to be shown to potential buyers. Is there a way to make sure that your house is ready to be shown to potential buyers? We have some tips for you!


1- Visit Your Own House As If You Were Buying It 

Imagine it is the first time you walk into your home, what is the first thing that you notice? Is the floor crooked? Is there a mouldy smell coming from the basement? Is there a broken window that you promised to fix last month? 

You should take notes of all of these negative points and see what is easily fixable. A Mortgage Broker might be able to find other things that need to be fixed that you might not even think about. Make sure that your house gives a great first impression to make sure you can sell your house. 

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2- To Sell Your House, Make Sure It’s Spotless

To sell your house, make sure you give a great first impression. To ensure a good first impression, you should make sure that your house is spotless and ready to be shown. We are all busy of course, if you do not have time to clean the whole house before a showing, you should consider hiring professional cleaners.  


3- Make Your House Appealing

Even if your house is spotless on the inside, it will not matter if the buyers turn around because they do not like the look of the house. Your Mortgage Broker can help by providing a simple list of things people usually look for. Is the lawn freshly mowed? Do you have a weed infestation? Is the roof falling apart?  Make sure you know what to look for and that you create a great first impression for potential buyers with the help of your mortgage broker.

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Your Mortgage Broker in Can Help to sell your house.

So you are ready to sell your house? These tips will help you to get a fair deal but you should meet and talk with your mortgage broker to make sure that everything is up to the high expectations of potential buyers. To be sure you have a fair deal, you should call Ryan Michell to book an appointment today



Real Estate Broker: Tips to save for a first time down payment.

Saving for a Down Payment

Getting a mortgage is one thing, but part of the home buying process is saving for a down payment. A down payment is usually 5 to 10 per-cent of the cost of the home, meaning that they can be, in some cases $10,000 that comes straight from the bank account. For many people, a down payment is the reason that they keep renting, as it is hard to save up that kind of money. Here are some tips, from a leading mortgage broker, Ryan Michell.

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  1. You Must Prioritize

Saving for something important, like a home, is all about priorities. Do you go out to eat all the time, take expensive vacations, buy all the latest stuff and drive brand new cars? Are you willing to tighten your belt and save for a house? It is up to you, which is more important? If saving for a home is one of your top priorities, then try to identify other areas where you can cut back so that you can put more money into your savings. The best way to identify areas to cut back in is to do a budget. If you haven’t put together a budget yet, that is probably the best place to start.

  1. Pay Off Your Credit Card Debts First.

You can’t really save money if you are paying a lot of interest to someone else. The first thing you should do is pay off all your debts. Start with your smallest high-interest debt, and pay it off. Then take the minimum payment from that debt and use it to help you pay off the next small debt that has the highest interest rate. Once you have that one paid off, the two minimum payments that you used to pay for those small debts can help you pay off your next debt faster. If you try to apply for a mortgage with too much consumer debt, you won’t qualify. For most people to qualify for the house they want, they usually have to pay down their credit card debts first.

  1. Look for Cheaper Ways to Do Things

This is how the smartest people save money. They make a lifestyle of finding cheaper ways to do things without diminishing their fun. Some of the best examples are:

  1. Do you buy a lot of new books? There are zillions of books that you can borrow for free, from the library.
  2. Do you go out to lots of movies? Try renting or Netflixin’. A lot of people are dropping their cable to just have streaming services.
  3. Do you dine out a lot? Try going out less, and spending the time that you would usually be in a crowded, loud restaurant to try a new recipe at home. It saves money, and provides a quiet time to spend with your loved one.Mortgage Regina
  4. See if Your City Has A First Time Homebuyers Program

From time to time, some cities have programs where they provide new home buyers with part of their down payment for their first home as an interest-free loan. Programs like this are usually initiated for two main purposes: to make it easier for first-time homebuyers to afford a home in an expensive city, and to redevelop part of the city that is struggling. These programs usually have very specific requirements. You can check with your city hall to see if your city has a program like this, Regina has done it in the past.


Mortgage broker : A rebound is expected from housing market

Mortgage rates: Where to Start?

Maybe it is because we were one of the first provinces in Canada to reduce the social distancing measure, but the housing market in Saskatchewan is showing great signs of improvement. In fact, we have observed a rebound of 80% since the lowest point of the COVID crisis. Robert Hogue, an RBC senior economist, has said that Regina has one of the strongest rebounds in all of the RBC tracked markets. This being said, it might be a good time for you to consult your mortgage expert

What happened To The Housing Market?

When the COVID outbreak happened a couple of months ago, the housing market in Canada had to face a lot of problems. The number of sales compared to other years was down 14% (compared to the month of May last year). There were 20% fewer new listings and the average price of those listings was down almost 6%. 

Even with such negative numbers, there is still hope when it comes to mortgages. The recession that was caused by the COVID pandemic has created a recession in which Saskatchewan is performing quite well and it is continuing to improve as more and more of the province are starting to re-open. 

What was, only a couple of months ago, a terrifying situation for homeowners in Saskatchewans has turned into new opportunities. The number of sales and the prices are starting to go back to where they were in April (before the crisis). This improvement will help a lot of people who own mortgages to reduce their level of stress towards the pandemic effect on the value of their homes. 


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What’s Going To Happen?

A lot of what is to come is unknown for now because this is the first pandemic of this importance worldwide. A big reason that drove the prices of the housing market down was that there was more inventory than there was demand because people did not want to buy houses during the pandemic due to loss of employment or economical instability. 

What we are observing now is a rise in the housing demand and a lot more people are consulting their experts in mortgage to see what opportunities were created during the pandemic. With more people buying houses and the economy returning slowly to what it was, the housing market is expected to not only stabilize but also go back to what it was.

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Contact Me For Your Mortgage Broker Needs

If you are looking for a new home in this market of opportunity, you should give me a call to see what can be done about your new mortgage. I am always staying ahead of the curve to make sure that you get the best deal for your mortgage. Give me a call today to see what kind of house you are able to afford in this unique situation that will slowly but surely go back to normal.  


How did the Covid-19 affect mortgage rates?

Mortgages during the pandemic

Interest rates and mortgages are a subject that a lot of people are talking about recently because of the unstable economic situation due to Covid-19. 

In January of this year, just before the pandemic of Covid-19 in Canada, the government announced a five years fixed rate of approximately 2,89% to 3,09%. As you probably know already, the fixed mortgages rates are based on the value of bond yields and these bonds are trading at around 1,5%.

More Context on Mortgage Rates

For more context, the Bank of Canada‘s key lending rate was at 1,75% and for the prime lending rate, it was at 3,95%. As you might already be aware, variable mortgage and lines of credits are affected and based on the prime rate (3,95% at that time). At that specific time, mortgage lenders were fully operational and offering prime rates that were discounted to sign new deals, those rates were as high as 1% in certain cases.

By March 2020, the 5-year bond yields decreased as low as 35 basis points and the fixed-rate mortgage rates also decreased around 2.39%. It then increased between 2.84 and 2.99%%. Those values are now starting to trend toward a decrease once again.

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Common Misconception for Mortgage

A common misconception for a mortgage is that the five-year fixed mortgages rates and the five-years bond yields are connected and that cuts to the Bank of Canada overnight rate will result in lower rates. The same way as variable mortgages is thought to be connected to the Bank of Canada overnight rate. In the past, it has mostly been the case but it is not impossible that these two stop following each other.

With this recent pandemic, the “traditional” rules for mortgages do not necessarily apply. The economy is going through so much right now that it’s impossible to predict what will happen next.

Even with some low bond yields and the cuts that are applied to the prime rates, lenders are forced to consider other factors like the increase of unemployment for example. It is pretty obvious that to have a good economy, you need to have people working. Without work, the purchasing habits slow down, the budget gets a lot tighter, manufacturers reduce their inventories and all that can lead to more lay-offs which will cause bankruptcies to rise. Job loss is one of the leading causes of mortgage default.

What’s next?

Because of this unstable situation that is Covid-19, future mortgages might be higher because lenders are trying to build risk premium into their rates. That could cause mortgage defaults to be higher. The housing market is one of the vital components that can help to the success of the Canadian economy. 

There is hope and eventually, the economy will start to become more stable and jobs are going to return slowly. Low-interest rates on your mortgage will most likely be there for a while to help restart the country’s economy. If you have any questions or if you are looking for a mortgage, you can ask Ryan Mitchell and he will take the time to help you.


When, and When Not, to Refinance Your Mortgage

When is a Good Time to Refinance Your Mortgage?

Refinancing a mortgage means paying off your existing loan and replacing it with a new one. There are many reasons why homeowners refinance, to obtain a lower interest rate, to shorten the term of their mortgage, to convert from an adjustable-rate mortgage to a fixed-rate mortgage, or vice versa, to tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debt. Since refinancing can cost between 2% and 5% of a loan’s principal and, as with an original mortgage, requires an appraisal, title search, and application fees, it is important for a homeowner to determine whether refinancing is a wise financial decision. While speaking with a mortgage broker, like Ryan Michell, is always the best choice, here are a few ways to decide if refinancing is the best choice for you.

Refinancing to Secure a Lower Interest Rate

One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance. Reducing your interest rate not only helps save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment. For example, a 30 year fixed rate mortgage with an interest rate of 5.5% on a $100,000 home has a principal and interest payment of $568. That same loan at 4.1% reduces your payment to $483.
Refinancing to Shorten the Loan’s Term
When interest rates fall, homeowners sometimes have the opportunity to refinance an existing loan that, without much change in the monthly payment, has a significantly shorter term. For a 30 year fixed rate mortgage on the same $100,000 home, refinancing from 9% to 5.5$ can cut the term in half to 15 years with only a slight change in the monthly payment. The payments change depending on the rate etc., so doing the math and seeing what works is best to do beforehand.

Refinancing to Tap Equity or Consolidate Debt

While the previously mentioned reasons to refinance are all financially sound, mortgage refinancing can be a slippery slope to never-ending debt. Homeowners often access the equity in their homes to cover major expenses, such as the costs of home remodelling or a child’s college education. These homeowners may justify the refinancing by the fact that remodelling adds value to the home or that the interest rate on the mortgage loan is less than the rate on money borrowed from another source. Many homeowners refinance to consolidate their debt. At face value, replacing high-interest debt with a low-interest mortgage is a good idea. Unfortunately, refinancing does not bring automatic financial prudence. Take this step only if you are convinced you can resist the temptation to spend once the refinancing relieves you from debt.

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Overall, the best way to determine if refinancing is best for you, is to speak with an expert. Ryan Michell is a mortgage broker who is an expert in refinancing mortgages and can work with you to ensure you make the right decisions.