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Stop! Don't Renew Your Mortgage...
Have you received your mortgage renewal in the mail? Don't just sign the form and send it back to the lender. Over 70% of mortgage holders in Regina and Saskatoon do just that, and what is the usual result — a higher mortgage rate and a product that might not be best suited to their needs. Make sure you are getting the best mortgage renewal rate in Saskatchewan.
Did You Know?
Did you know that SaskEquity Mortgages is owned by The Canadian Equity Group Inc (CEG). And that CEG works closely together with major lenders in Canada not only finding the best overall products, but also developing new and innovative products for the consumer market. As a national company, they have the privilege of making these products available to the entire country. This gives The Canadian Equity Group great pride in knowing they are capable of not only influencing the mortgage industry in Canada, but also making sure that more products and services are available in the future.
What Drives a Beacon Score
The payment history you've established only accounts for about 1/3 of the actual Beacon score. The graph below shows the actual breakdown of the Beacon score.
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No Money.. No Problem Mortgage
It is now possible to get a home without the need of a down payment. Many young Saskatchewan families can afford a mortgage payment, but with the high cost of living it can sometimes be difficult to save for a down payment. With the No Money Down Mortgage from Saskatchewan Equity Mortgages, you can stop renting and starting building equity in a home today.
Wipe Out High Interest before it Wipes You Out
Refinancing your mortgage not only gives you a better rate, it allows you consolidate all your high interest loans into one easy payment. This is one of the best ways to improve your credit score and get you saving money at the same time.
FACT: Making the minimum monthly payment of 2% ($200 to start) on $10,000 of credit at 18% interest will cost you about $38,930 and take 57 years to pay off! YES – it’s your credit card!
Did your Bank Refuse to give you a Mortgage?
At SaskEquity, we know it can be frustrating for clients when the bank they have been dealing with for many years, denies them a mortgage. So, why not let our professional brokers go to work for you? We have access to numerous national lenders who are willing and eager to lend money in situations where the bank is not. Do not let your bank stand in your way and deny you the home of your dreams, simply apply online today!
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Learn to Save $40,000 - Biweekly!
Most mortgage payments are made on a monthly basis. However, arranging to make biweekly-accelerated payments can have a dramatic effect on the amount of money you have to pay and the time frame before it is all paid off.
Under a biweekly mortgage, instead of making the payments once a month, you make half the payment every two weeks. If your mortgage is $1,000 per month, under a biweekly system it would be $500 every two weeks.
You make 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. The extra payment is than taken directly off the principal, reducing the payment schedule accordingly.
The effect of biweekly mortgage payments can be dramatic. For example, if you currently have a $150,000 mortgage loan at 7.5 percent fixed interest, you will have paid approximately $330,000 at the end of 25 years. That's a $180,000 in interest!
However, if you use a biweekly payment system, you will pay $290,000 and have it completely paid off in just over 20 years. You save a staggering $40,000 and you pay the loan off nearly 5 years earlier!
An increasing number of mortgage companies are now offering a biweekly payment option. It is even possible to convert your current monthly payments into a biweekly schedule.
Be wary of independent companies offering to do this for you for a fee -- you can do it for yourself by simply phoning your lender or contacting Saskatchwan Equity Mortgages.
You should receive professional financial advice when considering switching to a biweekly mortgage payment schedule.
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