Owning a Home

Owning a home is a dream for most people in Canada. PrimeWest sees many advantages to home ownership including:

  • Joining a community and building a stable future for your family
  • Increasing personal net worth as home value increases
  • A real estate investment is the start of a financial plan
  • Owning a home gives you more opportunity to customize your living space to your needs
  • Property crimes decrease when more people in a neighbourhood own their homes

There are responsibilities involved in owning a home that you must also take into account when thinking of buying your own home, for example:

  • Maintaining and fixing everything both inside and outside the home
  • Taking the time to keep the yard neat and safe
  • Paying for insurance so that your investment is protected
  • Purchasing the equipment needed to maintain your home (appliances, lawn mower, etc.)
  • Making payments on a regular basis to keep your home
Your Credit Rating
  • Your credit rating (or Beacon Score) is a number that lenders use to decide whether or not you should get a loan. When you pay your bills on time and don’t have too many credit cards, you will probably have a high credit rating.
  • For many reasons, some people get behind on their loan payments or don’t pay their bills so their credit rating drops. If this has happened to you, start paying your bills and make payments on time and your score will improve.
  • Most lenders don’t like to give mortgages to people with a low credit rating. Companies like PrimeWest offer solutions that allow many people to buy a home even though their credit rating is low.

When you apply for a mortgage with PrimeWest, the company will get a report of your credit rating. Don’t worry if your credit rating is low now – if you become a client of PrimeWest, we will work with you to improve your credit as quickly as possible.

If you don’t know your credit rating, click here to request a report from one of the two credit reporting agencies in Canada.

How much can you afford?

Many people try to buy a house that costs the same amount as the mortgage that they are approved for. This is backward thinking and often gets people in financial trouble.

Look at how much money you spend on the necessities every month. If you are currently renting an apartment, can you make the rent payment every month? If you can make the rent payment, are you struggling to make other bills or payments? If you are spending more money than you’re making, you will have trouble owning a home.

Get household spending under control. This will show lenders that you are serious about owning a home and it will also help you afford a better home.

The price tag of the house is not the only cost that you have in buying a home. Find out if you need a down payment. There will be “closing costs” or legal payments to make when you actually buy the house. Things like taxes, insurance and utility deposits also add up when buying a home.

Application Process
  1. Information
    • a. PrimeWest will need personal information from you to determine if you qualify for a mortgage or not. The information can be collected by our online form or you can print and fax your form to the office. PrimeWest will request a credit report to understand your credit history
  2. Interview
    • a. A PrimeWest representative will interview you to learn more about you. We like to get to know our clients because we work as a team to prepare you for a conventional mortgage.
    • b. When you come for the interview, please bring:
      • A recent pay stub or other proof of employment
      • Immigration papers if applicable
      • A recent bank statement
      • Any information that shows you are serious about owning a home
      • Other information that the PrimeWest representative requests
    • c. Pre-approval
      • Before you start looking for a home, you may want to meet with a PrimeWest representative to see if you qualify for a mortgage. They will take you through the application process and give you an idea of the amount that you could afford to pay for a home. This allows you to narrow your search and find a home that fits your budget.
  3. d. Buying Your Home
    • Qualifying for a Mortgage
      • a. If you qualify for a PrimeWest mortgage, we lend you the money to buy your home for a short term (maximum 24 months). After two years of making regular house payments, qualifying clients are usually transferred to a traditional financial institution that wouldn’t consider them initially, but can now offer a lower interest rate after successful completion of the PrimeWest term.
      • b. The "Pre-Payment" Advantage
        • PrimeWest has eliminated pre-payment penalties, so you will not be charged extra for making the effort to pay off your loan faster. PrimeWest can help get you started, then you can take it the rest of the way.
      • c. PrimeWest Offers:
        • Flexibility
        • Accessibility
        • Credit counseling
        • No pre-payment penalties
      • d. Additional Contacts & Information
        1. Canada Mortgage & Housing Corporation www.chmc-schl.gc.ca
        2. Saskatchewan Affordable Housing
        3. Realtor Associations
        4. Real Estate Listings
        5. PrimeWest
          • www.primewest.ca
          • 307 Jessop Ave.
          • Saskatoon, SK S7N 1Y5
          • Phone: 1-888-955-1002 or 306-955-1002