Mortgage Broker Regina, SK
A mortgage, explained in plain words.
Mortgage advice for Regina buyers, movers and owners renewing. I listen first, explain every term until it makes sense, then compare offers from many lenders for you.
In my own words
No question is too small. If a word on your paperwork is unclear, I will explain it until it is not.
Nadia Kowalski Licence SK-415207
- 8
- Years helping Regina families
- Source: Broker’s own record, sample
- 290+
- Mortgages arranged
- Source: Broker’s own records, sample
- 30+
- Lenders and credit unions compared
- Source: Brokerage lender list, sample
- EnglishPolski
- Speaks
Regina, SK
How I can help
-
Buying your first home
A calm walk through every step, from your budget and pre-approval to the day you get the keys, with no question left unanswered.
-
Moving up
I time the sale and the purchase, arrange bridge financing if you need it and keep everyone working to the same dates.
-
Renewing
Months before your term ends, I explain your lender’s offer in plain words and set it beside what other lenders would give you.
-
Refinancing
Whether to use your equity, explained simply: the penalty, the costs and what you would save, before you decide.
Mortgage terms, in plain words
Pick a word from your paperwork. I explain it the way I would across the table.
Amortization
The total time it would take to pay off the whole mortgage, often 25 years. A longer amortization means a lower payment, but more interest over the years.
In short How long until it is all paid off.
Term
How long your rate and conditions are set, often five years. When the term ends you renew, usually long before the mortgage itself is paid off.
In short How long your deal lasts.
Stress test
Lenders check that you could still afford the payment at a higher rate: the greater of 5.25% and your rate plus 2 points. It sets how much you can borrow.
In short A check at a higher rate.
Prepayment privileges
How much extra you may pay each year without a penalty, as a lump sum or a higher payment. Every extra dollar goes straight to what you owe.
In short Extra you can pay without a penalty.
Default insurance
With less than 20% down, the mortgage must be insured against default. The premium is usually added to the mortgage, and it protects the lender, not you.
In short Required with less than 20% down.
Prepayment penalty
What you pay to end your mortgage before the term is over. Often three months of interest; on a fixed rate it can be an interest rate differential, which can be larger.
In short The cost of leaving early.
Rate hold
A lender can hold a rate for you for a set time, often 90 to 120 days, while you shop for a home or prepare to renew.
In short A rate saved for later.
I listen first.
I became a mortgage broker after years of watching friends sign papers they did not understand. My work is the opposite: a quiet first conversation, every term in plain words, and offers from many lenders laid side by side. I work for you, not for one lender, and I call back the same day.
Book a consultationRun the numbers
Your payment, the mortgage insurance, the interest over the years and what faster payments would save. Change anything; the figures follow.
$2,078
per monthly payment
- Mortgage amount
- $366,521
- Mortgage insurance
- $11,021 (3.1%)
- Sales tax on the premium, paid at closing
- $661
- Total interest
- $256,813
- Total paid
- $623,334
- Number of payments
- 300
- Paid off in
- 25 years
With accelerated bi-weekly payments you would save $40,241 in interest and finish 3 years 5 months sooner.
Year-by-year schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $17,035 | $7,898 | $358,623 |
| 2 | $16,657 | $8,277 | $350,346 |
| 3 | $16,260 | $8,674 | $341,672 |
| 4 | $15,844 | $9,090 | $332,583 |
| 5 | $15,408 | $9,526 | $323,057 |
| 6 | $14,951 | $9,982 | $313,075 |
| 7 | $14,472 | $10,461 | $302,613 |
| 8 | $13,970 | $10,963 | $291,650 |
| 9 | $13,445 | $11,489 | $280,162 |
| 10 | $12,894 | $12,040 | $268,122 |
| 11 | $12,316 | $12,617 | $255,505 |
| 12 | $11,711 | $13,222 | $242,282 |
| 13 | $11,077 | $13,857 | $228,426 |
| 14 | $10,412 | $14,521 | $213,905 |
| 15 | $9,716 | $15,218 | $198,687 |
| 16 | $8,986 | $15,947 | $182,740 |
| 17 | $8,221 | $16,712 | $166,027 |
| 18 | $7,419 | $17,514 | $148,513 |
| 19 | $6,579 | $18,354 | $130,159 |
| 20 | $5,699 | $19,234 | $110,925 |
| 21 | $4,777 | $20,157 | $90,769 |
| 22 | $3,810 | $21,123 | $69,645 |
| 23 | $2,797 | $22,137 | $47,509 |
| 24 | $1,735 | $23,198 | $24,311 |
| 25 | $623 | $24,311 | $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
Nadia explained amortization and terms so clearly that we finally understood our own mortgage. No question was too small.
She called back every time, the same day, and walked us through the bridge loan step by step.
Our renewal letter was full of words we did not know. Nadia turned it into one page we could actually decide from.
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 Nadia’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
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
Start with a quiet conversation
Thirty minutes, no pressure: bring your questions, and leave knowing what every word means and what to do next.