Welcome to elitemortgagechoice.com

Our Mission:

To become the Elite Mortgage Broker choice for Saskatoon, Saskatchewan, and Alberta.

Known for our fine attention to detail, communication with our clients & our referral partners.
Most importantly, our ability to react to anything thrown at us.

We consistently exceed our client's expectation on every file and work seamlessly as a team.

 

Apply for your perfect mortgage now!

Applying for a mortgage takes only a few moments, and you can be pre-approved and Rate Locked today!
Apply today to start shopping and buying with confidence!
 
 

Latest News:

June 23, 2016

Saskatoon Mortgage Broker: Tammy Wandzura:

how your credit works in canada

 

 

 

 

 

 

 

 

 

 

HOW DOES YOUR CREDIT SCORE WORK?

HOW DO YOU ESTABLISH A HEALTHY CREDIT SCORE?

HOW DO YOU KEEP YOUR CREDIT HEALTHY?

When we are looking to qualify you for a mortgage there are certain things and criteria the lenders and CMHC will look for

Credit Score

Have you always made your payments?

Do you have any unpaid collections? Judgements? Write offs?

If you have credit cards and/or Lines of credit do you manage them well?

That is Step ONE of mortgage preapproval

Step TWO is looking closely at your income and employment, source of downpayment and income vs debt ratio.

WHY does credit play such a major role in the mortgage approval?

credit rating in canada

 

 

 

 

 

 

 

 

This may sounds like a silly question…of course your credit has to be good to qualify for a mortgage

**BUT many people have a valid question.

I rent already and I pay WAY MORE than I would for a mortgage payment so why wouldn’t I qualify????

Lenders will take your home from you should you not make your payments

They never want to be put in that position & it is a very costly circumstance to be in for both the lender and the home owner.

There are strict federal guidelines in place that the lenders and CMHC have to follow.

The lenders and CMHC are very thorough in making sure a client can afford the mortgage payment based on minimum approval guidelines.

HOW DOES YOUR CREDIT SCORE WORK?

HOW DO YOU ESTABLISH A HEALTHY CREDIT SCORE?

HOW DO YOU KEEP YOUR CREDIT HEALTHY?

managing your credit score 101

 

 

 

 

 

 

 

 

When you get your first credit card there is a “triggered” credit score that shows up

It starts out very very good because there is no history for it to calculate

  • Ideally each Canadian consumer should have 2 active pieces of well paid and well maintained credit for 2 full years if you are applying for a mortgage
    • If paid perfectly -This will give you your strongest credit score available
    • There has been time for your credit to show a real profile of how you pay your debt
    • It will show the lender if you tend to spend to your maximum potential or if you can manage a higher credit limit without using it all
    • Ideally you want to make your credit card and Line of Credit payments every single 30 days.
    • You do not want your balance to exceed 50-70% of the limit at any time (not even for a short period of time)
    • Monitor how often your credit is getting checked
      • As you can see on the above graph shopping for cars or mortgages will not affect your credit negatively as it would if you were applying regularly for credit cards etc.
        • Every time your credit is checked it can lower your score slightly
  • Avoid ANY collections, judgements or write off accounts
    • These DO NOT eventually fall off your credit.
    • The balances of unpaid accounts have to be paid to qualify for any loans or mortgages
    • If you are having issues with ANY account – make arrangements and get the balance paid to zero
    • Once something is reported to the bureau there is no making it go away

 

QUESTIONS on how to build your credit to qualify in the future for MORTGAGE APPROVAL?

Contact me at 306.933.3386

OR APPLY online at www.elitemortgagechoice.com

 

Tammy Wandzura

Mortgage Broker, AMP

Saskatoon, SK

 

 

 

 

 

Current Rates:

Mortgage
Term:
Our
Rate:
Bank
Rate:
1 Yr Closed 2.29 % 2.99 %
2 Yr 2.24 % 2.84 %
3 Yr 2.24 % 3.39 %
4 Yr 2.44 % 3.89 %
5 Yr 2.49 % 4.64 %
7 Yr 2.99 % 5.30 %
10 Yr 3.59 % 6.10 %
Today's Prime Rate: 2.70%
Our Best Rate:
Variable rates change frequently,
contact your mortgage professional for current rates.

Wed 29th of Jun 2016 11:38:57 AM

Please contact us for information on current unpublished rate specials.

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Why tell your friends, family & colleagues about the Mortgage services that we can offer?

• You will receive a $50.00 Gift Certificate for every successful referral!

• For every referral (successful or not) your name will be added to a referral draw list. Annually I give away a $1,000.00 Travel Voucher to the winner!