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Mortgage Application


Applying for a Mortgage is easy.  You can fill out this quick and secure online application or call direct:  1-866-935-3412.

When filling out an online mortgage application, please try to fill in as much as possible.  The more information you are able to provide, helps with quicker response times and better in-depth mortgage approvals.



When you apply for a mortgage on-line, your application will be received immediately, and you can expect a response back within 24 hours as to the status of your mortgage application.  Our location is Saskatoon, SK.  We service AB, BC, MB, SK.

Having the following documents handy will help you to answer some of the questions on the mortgage application:

1.  Last two years Notice of Assessment, T4 slips, and/or income tax returns

2.  Current and Previous address information for yourself and your place of work for the last 3 years.

3.  Social Insurance Number

Applying for a mortgage online is a great place to start.  From the details you provide, we will be able to offer you a general overview of how much you can qualify for and what products are available to you.  Once your mortgage application has been reviewed, further documentation will be required in order to make a final approval.

Depending on your situation, below is some information regarding First Time Buyers, Repeat Buyers, Refinances, and Renewals:

FIRST TIME BUYER

TMG understands that everyone has different needs when it comes to getting a mortgage. If this is your first time, we know you'll need a little extra help to understand the process of getting a mortgage. 

If you are purchasing an investment property or renewing an existing mortgage, you probably know what you want and need someone to deliver. In today's competitive marketplace, our professionals can save you time and money by arranging you a convenient mortgage with Canada' leading financial institutions. We make flexible appointments around your schedule, return all calls promptly and keep you informed every step of the way.

There are options if you are self-employed or have had credit problems in the past. Waiving traditional income requirements or making an exception to verification documents are items that are negotiable with lenders. Speak to one of our mortgage specialists for further details.

Whether you are buying for the first time, renewing your mortgage or simply weighing all your options, you've come to the right place. The Mortgage Group is committed to getting you the mortgage you want, when you want it.

First time home buyers start with a pre-approval prior to house hunting. This provides a clearer picture of what you can afford. A pre-approved mortgage guarantees your interest rate for up to 120 days even if the rates increase. If they decrease, we'll make sure you get the new lower rate. Our pre-approvals put you under no obligation and are available to you at NO COST.

For your FIRST HOME purchase, most lending institutions require the following documentation:

Income verification which will include:

  • Last pay stub, with year to date earnings if possible.
  • Last years Revenue Canada Notice of Assessment - Form T451E(01).
  • Letter from Employer

Down Payment verification which should include:

  • Savings - 3 months of bank statements.
  • RRSPs - statement ( if applicable )
  • Gift Letter ( if applicable )

Remember, our lenders require the above information as quickly as possible. This is to ensure that we obtain the best mortgage rates and terms for you.


REPEAT BUYER

Thank you for giving us the opportunity to serve you. As we earn your trust and develop a relationship with you, please think of us when someone you know needs mortgage advice. We'd be happy to show your friends and family the same level of professionalism and great service that you are about to receive.

For the purchase of your NEW HOME, most lending institutions require the following documentation:

Income verification which will include:

  • Last pay stub, with year to date earnings if possible
  • Last years Revenue Canada Tax Assessment - Form T451E(01)
  • Letter from Employer

Down Payment verification which will include:

  • Savings - 3 months of bank statements and / or
  • RRSPs - statement and / or
  • Gift Letter
  • Current Mortgage Statement and current Property Assessment, if selling current home

Remember, our lenders require the above information as quickly as possible. This is to ensure that we obtain the best mortgage rates and terms for you.



REFINANCER

Wouldn't it be great to pay off your bills and lower your monthly payments - all at the same time? You may have more equity in your home than you realize. In fact, you may even qualify to borrow up to 90% of the equity in your home. A Mortgage Professional at TMG The Mortgage Group Prairies Inc. can show you how to take the equity in your home and turn it into cash - money that you could use to: consolidate bills, pay off high interest credit cards, or make home improvements.

For the REFINANCE of your existing home, most lending institutions require the following documentation, even if we are going to place your mortgage with your existing lender. To process your application as quickly as possible, please provide the following:

Income verification which will include:
  • Last pay stub, with year to date earnings if possible
  • Last years Revenue Canada Tax Assessment
  • Employment Letter
  • Current mortgage statement; showing mortgage balance or mortgage renewal or payout statement
  • Form B (registered one) - original mortgage documents
  • Municipal Tax Notice and proof of payment
  • Survey certificate (if applicable)
  • Property Assessment (most recent)
  • Proof of fire insurance
  • Purpose of additional funds - if this is for a home improvement project, we will require a contractor's estimate.

Remember, our lenders require the above information as quickly as possible. This is to ensure that we obtain the best mortgage rates and terms for you.


RENEWALS

Is your mortgage coming up for renewal? Variable rate mortgages have become increasingly popular in today's ultra sensitive interest rate environment. While it may be more confusing than ever to compare alternatives, in a recent survey of Canadian homeowners astonishingly over 65% of respondents said they simply signed there renewal agreement at whatever rate the bank quoted. That's precisely what your existing financial institution is counting on. Don't make this simple yet costly mistake.

Our speciality is shopping at all the financial institutions and then agressively negotiating the best rate on your behalf. Did you know that if you switch your mortgage at renewal time to a new Lender it won't cost you a dime! It's free. Call us . . . .we can help!

For the RENEWALS/SWITCHES of your existing home, most lending institutions require the following documentation, even if we are going to place your mortgage with your existing lender. To process your application as quickly as possible, please provide the following:

Income verification which will include:
  • Last pay stub, with year to date earnings if possible
  • Last years Revenue Canada Tax Assessment
  • Employment Letter
  • Current mortgage statement; showing mortgage balance or mortgage renewal or payout statement
  • Form B (registered one) - original mortgage documents
  • Municipal Tax Notice and proof of payment
  • Survey certificate (if applicable)
  • Property Assessment (most recent)
  • Proof of fire insurance
  • Purpose of additional funds - if this is for a home improvement project, we will require a contractor's estimate.

Remember, our lenders require the above information as quickly as possible. This is to ensure that we obtain the best mortgage rates and terms for you.

THANK YOU VERY MUCH FOR YOUR MORTGAGE APPLICATION AND THE OPPORTUNITY TO SERVE YOUR FINANCIAL NEEDS!  Servicing Western Canada in Saskatchewan, Alberta, Manitoba, and British Columbia. ( SK, AB, MB, BC ).


Know Your Rights and Responsibilities.....What you should know:  (Source - Financial Consumer Agency of Canada)

Your Rights and Responsibilities: Mortgages

Applying for a mortgage 


Information that must be provided to you

This section deals with the most common types of mortgages. If your mortgage arrangement is not covered in this section (for example, if you don't have to make regular payments on your loan, or if your variable interest rate is determined by a different method than those described here), contact FCAC and we will tell you what information your institution must give you when you sign your mortgage contract or mortgage agreement.

Banks, insurance companies and trust and loan companies that are federally regulated must provide you with the following information, before you sign a mortgage agreement or mortgage contract.


If you apply for a fixed-rate mortgage

If you apply for a fixed-rate mortgage, your federally regulated bank, insurance company or trust and loan company must provide you with the following:

  • the amount that is being lent to you;

  • the term of the loan and the amortization period;

  • the total of your payments at the end of the term;

  • of that total, how much you will have paid in interest charges at the end of the term;

  • your annual interest rate;

  • the real annual interest rate, also called the "APR", or annual percentage rate (this would not include fees such as administrative fees, brokers' fees, etc., unless they are included in the amount borrowed);

  • the date on which you will start being charged interest;

  • the amount of your payments, and when they are due;

  • the fact that your payments will be applied, first, to cover interest and other charges and, then, to the outstanding principal;

  • optional services you accepted (such as disability or life insurance), how much they cost and what will happen — in terms of rebates, charges or penalties — if you decide to cancel these services;

  • how the rebates, charges or penalties will be calculated if you decide to repay your mortgage before the maturity date;

  • the default charges that may apply if your mortgage has defaulted, for any reason;

  • a description of the property being provided as security for the loan;

  • whether there were any broker fees (paid by the financial institution to a broker) included in the amount lent to you;

  • whether you will have to pay a fee to discharge the mortgage when the financial institution's interest in your home ends — after you pay it off — and how much you were quoted for this fee on the date of the disclosure statement;

  • whether you will have to pay any other charges, in addition to the interest and other charges mentioned previously and, if so, the type of charges and how much you will have to pay.

If you apply for a variable-rate mortgage

If you apply for a variable-rate mortgage, your federally regulated bank, insurance company or trust and loan company must provide you with the following:

  • the annual interest rate that applies to your mortgage, as of the date of the disclosure statement;

  • how the annual interest rate is calculated, and when this calculation is made;

  • how much your payments are — based on the annual interest rate — as of the date of the disclosure statement, and when they are due;

  • what your total payments will be at the end of your term, based on the annual interest rate as of the date of the disclosure statement;

  • if you apply for a variable-rate mortgage and the amount of your mortgage payment is not adjusted automatically to reflect the changes in the annual interest rate that apply to each payment (in other words, if your payment amount does not vary when the interest rate changes), you must be provided with the following information:

    • the annual interest rate above which your payments will not be sufficient to cover the interest due on your loan for the period; and

    • the fact that negative amortization is possible (this is when the outstanding balance you owe increases instead of decreases, even if you make your payments in full);

  • if interest-rate variations are linked to a public index, the financial institution must provide you, at least once a year, with a disclosure statement containing the following information:

    • the annual interest rate and outstanding balance at the beginning and end of the period covered by the statement; and

    • the amount of each payment and when each payment is due, based on the annual interest rate that applied at the end of the period.
(Source - Financial Consumer Agency of Canada)

Please fill out the online mortgage application or call direct to 1-866-935-3412.  We are located in Saskatoon, Sask, Canada and service AB, BC, MB, SK.

Marilee Fehr (Mortgage Broker)- TMG The Mortgage Group Prairies Inc.
Corporate Address: 506 Queen Street Saskatoon, Saskatchewan S7K 0M5 | Toll Free Number: 1-866-935-3412