Mistakes to Avoid When Buying a House (The NO-NO’s if you want a YES!)

General Jade Regier 26 Jan

Picture this: You’re getting ready to purchase a home – you’re looking a listings online, maybe you’re contacting your realtor… a lot. You want to be prepared when you find your dream home – so here’s a list of my biggest NO-NO’s when entering the buyer’s market (in no particular order):

 

Making Big Purchases

Avoid buying cars, furniture, or electronics while house hunting.

New debt can impact what you qualify for.

Changing Jobs or Income

Switching jobs, becoming self-employed, or changing pay structure can delay or affect approval.

Missing or Late Payments

Even one missed payment can hurt your mortgage application.

Stay consistent with bills during this time.

Opening New Credit

New credit cards or lines of credit can lower your borrowing power.

Moving Money Without a Paper Trail

Large deposits or transfers need to be explained.

Always check with me before moving funds.

Skipping the Pre-Approval

House hunting without a pre-approval can lead to disappointment or lost opportunities.

Assuming Online Calculators Are Accurate

Online tools don’t reflect lender rules or your full financial picture.

Not Asking Questions

There are no bad questions.

Clear answers now prevent stress later.

How I Help

✔ Review your situation before you shop

✔ Flag issues early

✔ Coordinate with your realtor

✔ Guide you all the way to possession day

Personal guidance. No cost to you. No pressure.

📞 306.241.6656

📧 jade.regier@dominonlending.ca

How Much Do You Really Need to Buy a Home in Saskatchewan?

General Jade Regier 15 Jan

Hey, I’m Jade – let’s clear some super common questions I get from new clients. One of the most common questions from first-time home buyers in Saskatchewan is:

“How much money do I actually need to buy a home?”

Many people assume they need a 20% down payment, and because of that, they delay buying for years, sometimes unnecessarily. The reality is that buying a home in Saskatchewan often requires much less upfront cash than people expect.

This post breaks down:

  • Down payments in Saskatchewan

  • Mortgage insurance (CMHC and others)

  • Closing costs

  • A real example using a $400,000 home in Saskatoon

Example: Buying a $400,000 Home in Saskatoon

To keep things realistic, we’ll use an average Saskatoon home price of $400,000. Prices vary by neighbourhood and property type, but this is a helpful benchmark for planning.

When buying a home in Saskatchewan, your upfront costs generally fall into three categories:

  1. Down payment

  2. Mortgage default insurance (if applicable)

  3. Closing costs

Down Payment Requirements in Saskatchewan

Minimum Down Payment for a Home in Saskatchewan

In Canada, the minimum down payment for homes priced under $500,000 is 5%.

For a $400,000 home:

  • 5% down payment = $20,000

This option is extremely common for first-time home buyers in Saskatoon and across Saskatchewan. It allows buyers to enter the market sooner instead of waiting years to save 20%.

What If You Put 20% Down?

  • 20% of $400,000 = $80,000

Putting 20% down allows buyers to avoid mortgage insurance and may reduce monthly payments. However, it is not required to buy a home in Saskatchewan.

Both options are valid — the right choice depends on your savings, financial goals, and comfort level.

Mortgage Insurance in Canada (CMHC, Sagen, Canada Guaranty)

If your down payment is less than 20%, mortgage default insurance is required. This insurance is provided by CMHC, Sagen, or Canada Guaranty.

Why Mortgage Insurance Exists

  • It protects the lender, not the buyer

  • It allows buyers to purchase a home with a smaller down payment

  • It makes homeownership more accessible for first-time buyers

Mortgage Insurance Example on a $400,000 Home

  • Purchase price: $400,000

  • Down payment: $20,000 (5%)

  • Mortgage before insurance: $380,000

With a minimum down payment, the mortgage insurance premium is typically around 4%.

  • Approximate insurance cost: ~$15,000

  • This amount is usually added to the mortgage, not paid upfront

Closing Costs When Buying a Home in Saskatchewan

Closing costs are separate from your down payment and are paid on possession day.

Typical Saskatchewan home buying closing costs include:

  • Legal fees and disbursements

  • Land title transfer and registration

  • Title insurance

  • Property tax adjustments

  • Home inspection (optional but recommended)

  • Moving costs

Rule of thumb:

Budget 1.5%–3% of the purchase price

For a $400,000 home:

  • Approximately $6,000–$12,000

  • Remember – this is an estimate –  many home buyers can cut down on these costs in various ways – ask me how when you book a consult. 

Total Cost to Buy a Home in Saskatchewan

Scenario 1: First-Time Buyer With Minimum Down Payment

  • Down payment: ~$20,000

  • Closing costs: ~$8,000

  • Total cash needed: ~$28,000

Scenario 2: Buyer With 20% Down

  • Down payment: $80,000

  • Closing costs: ~$8,000

  • Total cash needed: ~$88,000

These numbers are estimates, your exact costs will depend on your income, credit, debts, and the specific property.

Common Home Buying Myths in Saskatchewan

  • You do not need 20% down to buy a home

  • Mortgage insurance is not a bad thing. It enables homeownership

  • Speaking with a mortgage broker doesn’t mean you’re committing to buy

  • Waiting too long to save more can sometimes cost more in the long run

Why a Mortgage Pre-Approval Matters

A mortgage pre-approval in Saskatchewan helps clarify:

  • How much home you can afford

  • How much you need to save

  • Whether you qualify for first-time buyer programs

  • Your monthly payment range

Getting clarity early  even if you’re months away from buying can make the process far less stressful.

Final Thoughts: Is Buying a Home in Saskatchewan More Affordable Than You Think?

For many buyers, the biggest barrier to homeownership isn’t affordability…it’s misinformation. Once you understand the real numbers, buying a home in Saskatchewan often feels far more achievable.

 

Let’s connect. Let me help you make your home-buying dream a reality. You may be closer than you think.

 

If you want to book a time to chat with me – I can answer any questions you may have (no question is silly when it comes to home financing. It’s your money. Ask as many questions as you can. My job is to provide clarity)

 

** Free consultations – no obligation – book a time with me below:

Book a Consult | PickTime Booking Link

 

 

Thanks for reading | Mortgages With Jade

jade.regier@dominionlending.ca

306-241-6656

Required Documentation for a Pre-Approval in Saskatchewan

General Jade Regier 12 Jan

Documents You’ll Need for a Mortgage Pre-Approval in Saskatchewan – by Mortgages With Jade 

Whether you’re a first time homebuyer in Saskatchewan or you’ve owned a home before, getting a mortgage pre-approval is one of the best first steps you can take. A pre-approval helps you understand what you need for pre-approval, how much you’re comfortable spending, and what your mortgage options actually look like…before you fall in love with a house.

I get asked all the time about pre-approval requirements in Saskatchewan, so below is a clear, no-jargon breakdown of the documents typically needed for a pre-approval Saskatchewan lenders will accept – and why each one matters.

1. Proof of Identification

What you’ll need:

  • One or two pieces of valid government-issued ID (driver’s licence, passport, or permanent resident card)

Why it’s needed:

This one’s straightforward. Lenders need to confirm who you are for regulatory reasons and to make sure the mortgage is being set up correctly from the start.

2. Proof of Income

The exact documents here depend on how you earn your income.

If you’re employed (salary or hourly):

  • Recent pay stubs (usually your last 2–3)

  • A letter of employment confirming your role, income, and how long you’ve been with your employer

Why it’s needed:

This shows the lender that your income is reliable and ongoing, which is a key part of meeting pre-approval requirements.

If you’re self-employed:

  • Your last 2 years of personal tax returns (T1 Generals)

  • Notices of Assessment (NOAs)

  • In some cases, basic business financials

Why it’s needed:

Self-employed income can vary year to year, so lenders look at a longer history to get a clear, realistic picture.

3. Proof of Down Payment

What you’ll need:

  • Recent bank or investment statements (typically showing the last 90 days)

  • A signed gift letter if part of the down payment is coming from immediate family

    • I can provide you with a template for this with the exact required wording most underwriters are looking for. Then you have whomever is gifting you the funds for your down payment revise and sign it.

Why it’s needed:

Lenders must verify that your down payment is your own money (or an eligible gift) and not borrowed. Where the funds come from is just as important as how much you have.

4. Credit Information

What you’ll need:

  • Your consent to run a credit check (no paperwork required from you)

Why it’s needed:

Your credit history helps determine your interest rate and mortgage options. It shows how you’ve handled debt in the past, not just what you earn today.

5. Current Debt Details

What you’ll need:

  • Details on any existing debts like car loans, student loans, lines of credit, or credit cards

Why it’s needed:

Pre-approval isn’t just about income. Lenders look at your full financial picture to make sure your future mortgage payment fits comfortably with everything else.

 

6. Proof of Residency or Status (If Applicable)

What you’ll need:

  • Permanent resident card or valid work permit, if you’re not a Canadian citizen

Why it’s needed:

Your residency status can affect which lenders and mortgage programs are available when applying for a pre-approval in Saskatchewan.

7. Separation or Divorce Documents (If Applicable)

What you’ll need:

  • Separation agreement or divorce decree

  • Details of any child or spousal support payments

Why it’s needed:

These documents help clarify ongoing financial obligations so there are no surprises during the pre-approval process.

A Few Helpful Things to Know

  • You don’t need everything perfectly organized before reaching out. I can help you figure out exactly what applies to your situation.

  • A pre-approval is not a final approval. Final approval happens once you’ve found a home and have an accepted offer.

  • Even if you’ve owned before, pre-approval requirements change, and each application is reviewed fresh.

Final Thoughts

A mortgage pre-approval is really about clarity. It helps you shop with confidence, avoid overextending yourself, and make informed decisions,  whether you’re a first time homebuyer in Saskatchewan or a seasoned one.

If you’re unsure what you need for pre-approval, or you just want a second opinion before moving forward, a quick conversation can make the whole process feel a lot easier.

Clear answers. No pressure. Just good information.

January 2026 Newsletter & Updates

General Jade Regier 12 Jan

🏡 January 2026 Mortgage Newsletter | Mortgages with Jade

Happy New Year!

Hi everyone,

I hope you had a wonderful holiday season and are feeling refreshed heading into 2026. Whether you’re a homeowner, future buyer, REALTOR®, or just someone who likes to stay informed about the market,  I wanted to kick off the year by sharing a quick mortgage and housing update.

Inside you’ll find:

📊 Current Mortgage Rate Snapshot

(Rates change frequently — these are for reference only)

If you’re planning to buy, renew, or refinance this year, getting a personalized quote and strategy matters far more than just chasing the lowest posted rate.

Bank of Canada: What to Know Right Now

The Bank of Canada (BoC) controls the policy interest rate, which directly influences the prime rate set by lenders. Changes to this rate mainly affect variable and adjustable-rate mortgages, but they also influence fixed rates indirectly through market expectations.

Why this matters to you:

Even when rates don’t change, the messaging from the Bank often moves the market.

Bank of Canada Rate Announcement Dates – 2026

Here are the scheduled dates when the Bank of Canada will announce potential rate changes this year:

Tip: The announcements in January, April, July, and October also include a Monetary Policy Report, which provides deeper insight into inflation, economic outlook, and future rate direction.

📍 Saskatchewan Housing Market Insights

Here’s what I’m seeing and what’s being reported locally as we head into 2026:

🤝 Referrals & Realtor Incentives

I’m currently offering great referral incentives for REALTORS® and anyone in my network who refers a friend, family member, or client that successfully funds a mortgage with me.

If you’re in real estate, finance, or simply know someone who needs mortgage advice this year feel free to reach out and ask how it works.

📞 Let’s Chat

Have questions about rates, renewals, buying, refinancing, or what 2026 might look like for you?