Your first home
We start with a budget you are comfortable with, then I guide you from pre-approval to the day you get the keys.
I help Saskatoon families find a mortgage as unique as they are.
First homes, moves and renewals, planned on paper with you before anything is signed, in plain words and at your pace.
Your path home
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Moving up
I line up the sale, the purchase and any bridge financing so your dates fit and nothing lands on you at once.
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Renewing
Months before your term ends, I compare your lender’s offer with the wider market and lay the options side by side.
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Refinancing
I set the penalty and costs beside what you would gain, in writing, so you can decide whether it is worth it.
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Home
A plan you can see, before you sign.
Every family’s path home looks a little different, so I sketch yours out with you before we choose a lender.
I grew up on the east side and started at a credit union on Broadway before moving to brokerage, so I could work for borrowers rather than one lender. I draw every plan out with my clients on paper first: what it costs now, what it costs later, and what happens if life changes. Most of my clients come through a friend, and many come back at renewal.
- Title
- Mortgage Broker
- Brokerage
- Broadway Bridge Mortgage Co. Ltd.
- Licence
- SK-308812
- Based in
- Saskatoon, SK
- 9
- Years helping Saskatoon families
- (Source: Broker’s own record, sample)
- 300+
- First homes financed
- (Source: Broker’s own records, sample)
- 25+
- Lenders and credit unions
- (Source: Broker’s lender list, sample)
Run the numbers
Your payment, the mortgage insurance, the interest over the years and what faster payments would save. Change anything; the figures follow.
$1,968
per monthly payment
- Mortgage amount
- $345,385
- Mortgage insurance
- $10,385 (3.1%)
- Sales tax on the premium, paid at closing
- $623
- Total interest
- $244,920
- Total paid
- $590,305
- Number of payments
- 300
- Paid off in
- 25 years
With accelerated bi-weekly payments you would save $38,640 in interest and finish 3 years 5 months sooner.
Year-by-year schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $16,222 | $7,390 | $337,995 |
| 2 | $15,864 | $7,749 | $330,246 |
| 3 | $15,488 | $8,124 | $322,122 |
| 4 | $15,094 | $8,518 | $313,604 |
| 5 | $14,681 | $8,931 | $304,673 |
| 6 | $14,248 | $9,364 | $295,309 |
| 7 | $13,795 | $9,818 | $285,492 |
| 8 | $13,319 | $10,294 | $275,198 |
| 9 | $12,820 | $10,793 | $264,405 |
| 10 | $12,297 | $11,316 | $253,090 |
| 11 | $11,748 | $11,864 | $241,225 |
| 12 | $11,173 | $12,439 | $228,786 |
| 13 | $10,570 | $13,042 | $215,744 |
| 14 | $9,938 | $13,675 | $202,069 |
| 15 | $9,275 | $14,337 | $187,732 |
| 16 | $8,580 | $15,032 | $172,700 |
| 17 | $7,851 | $15,761 | $156,939 |
| 18 | $7,087 | $16,525 | $140,414 |
| 19 | $6,286 | $17,326 | $123,087 |
| 20 | $5,446 | $18,166 | $104,922 |
| 21 | $4,566 | $19,046 | $85,875 |
| 22 | $3,643 | $19,970 | $65,905 |
| 23 | $2,675 | $20,938 | $44,968 |
| 24 | $1,660 | $21,953 | $23,015 |
| 25 | $596 | $23,015 | $0 |
How this is worked out
- Canadian fixed rates compound twice a year, so the rate per payment is a little lower than the annual rate divided by the number of payments.
- Minimum down payment: 5% of the first $500,000 and 10% of the part up to $1.5 million. From $1.5 million, 20%.
- With less than 20% down, mortgage default insurance is required and its premium is added to the mortgage: 2.80% to 4.00% of the loan depending on the down payment, plus 0.20 points over 25 years.
- Accelerated payments are half or a quarter of the monthly payment, paid every two weeks or every week, which adds about one monthly payment a year.
Indicative, not a lender decision or a pre-approval. Assumes the same rate for the whole amortization; rates change at renewal.
Which kind of mortgage fits you?
Choose a type to see how it behaves. Your broker will compare real offers for your situation.
The rate and the payment stay the same for the whole term.
- Your payment
- Stays the same for the term, often five years.
- If rates change
- Nothing changes until renewal.
- Breaking early
- The penalty is usually the greater of three months’ interest or an interest rate differential, which can be large.
- Suits you if
- You want a predictable budget and expect to keep the mortgage for the term.
The rate moves with the lender’s prime rate; the payment often stays the same.
- Your payment
- Usually fixed; more or less of it goes to principal as prime moves.
- If rates change
- Rising rates mean slower repayment, and payments can be reset if rates rise far enough.
- Breaking early
- The penalty is usually three months’ interest.
- Suits you if
- You can live with change, or may sell or refinance before the term ends.
Like variable, but the payment itself changes whenever prime changes.
- Your payment
- Goes up or down with the prime rate.
- If rates change
- You feel it in your next payment; your repayment schedule stays on track.
- Breaking early
- The penalty is usually three months’ interest.
- Suits you if
- Your budget has room to absorb payment changes.
A credit line secured by your home that you draw on and repay as you need.
- Your payment
- Can be interest only on what you have used.
- How much
- In Canada the revolving part is limited to 65% of the home’s value, and 80% together with a mortgage.
- The rate
- Usually prime plus a margin, so it moves with prime.
- Suits you if
- You want flexible access for renovations or investments and a plan to repay.
An open mortgage can be paid off anytime; a closed one costs less but limits prepayment.
- Open
- Repay any amount at any time without a penalty, at a higher rate.
- Closed
- A lower rate, with yearly prepayment limits set by the lender and a penalty to break.
- Often used
- Open for a short time before a sale or a lump sum; closed for most homeowners.
- Suits you if
- You know exactly when you will pay a large amount down.
General information, not advice. Terms differ between lenders.
What clients say
Priya drew our whole plan on one page. For the first time we understood what we were signing, and closing was calm.
Selling and buying in the same month sounded impossible. Priya had the bridge loan ready before we listed.
She started on our renewal early and showed us three options side by side. We never felt rushed.
Questions clients ask
When should we first talk?
Before you start viewing homes, ideally. Knowing your budget early makes every later step calmer.
How much do I need for a down payment?
At least 5% on the first $500,000 of the price and 10% on the part above it, up to $1.5 million. Under 20% down, the mortgage needs default insurance.
Can’t I just sign my lender’s renewal letter?
You can, and sometimes it is the right choice. Comparing first takes a few weeks if you start early, and the first offer is often not the only one.
What do you charge?
On most residential mortgages there is no fee to you. If a file ever needs one, you will see it in writing before anything is signed.
Send your documents securely
Upload everything from your phone or computer. It goes straight to Priya’s secure document storage in Canada, with a checklist made for your situation.
- Tell us a little about you and your plans
- See exactly which documents your situation needs
- Upload them, and you’re done
Send your documents (opens in a new tab)
Sample site: this opens a sample upload page in a new tab. On a live site, it opens the broker’s own.
- No account to create
- Works on your phone
- Stored in Canada
Let’s sketch your plan together
Thirty minutes, a blank page and your questions. You leave with a plan you can see, whether or not you work with me.
- Phone
- 306-555-0148