By Matrix Real Estate Group – Your Local Real Estate Experts

Buying a home is one of the biggest financial decisions you’ll ever make and for most people in Regina, that journey starts with a mortgage. Whether you’re a first-time buyer, upgrading to a larger home, or investing in real estate, understanding how mortgages work is the key to making smart decisions and avoiding surprises.

Here’s your complete guide to mortgages in Regina.

1. What Is a Mortgage?

A mortgage is a loan you borrow from a bank or lender to purchase a home. Instead of paying the full price upfront, you make monthly payments over a set period (the amortization). Your mortgage covers:

• The principal (the amount you borrowed)

• The interest (what the lender charges you for borrowing)

• Sometimes property taxes and insurance

Understanding how payments are structured helps you budget confidently.

2. Mortgage Pre-Approval in Regina

Before house-hunting, get pre-approved. This shows you how much a lender is willing to lend based on your income, credit, and debt levels.

• Gives you a clear budget range

• Makes you a stronger buyer when competing for homes

• Helps lock in an interest rate for a set period

Many Regina sellers take offers more seriously when buyers are pre-approved.

3. Fixed vs. Variable Rates

In Canada, you’ll often choose between two types of mortgage rates:

• Fixed Rate: Your rate stays the same for the entire term. Great for stability and predictable payments.

• Variable Rate: Your rate can go up or down with the market. This often starts lower than fixed but carries more risk.

With rate changes in recent years, many Regina buyers are leaning toward fixed terms for peace of mind.

4. Mortgage Terms & Amortization

• Term: The length of your mortgage contract (commonly 1–5 years). At the end, you can renew or renegotiate.

• Amortization: The total length of time to pay off your mortgage, usually 25–30 years.
  
  

Shorter amortizations mean higher monthly payments but less interest paid overall.

5. Down Payments in Regina

In Canada, the minimum down payment depends on your purchase price:

• Up to $500,000 → 5% minimum

• $500,000 to $999,999 → 5% of first $500K + 10% of the rest

• $1M+ → 20% minimum
  
  

For a $400,000 home in Regina, you’d need at least $20,000 down.

6. Closing Costs You Shouldn’t Forget

Beyond your down payment, budget for:

• Legal fees and disbursements

• Home inspection costs

• Land transfer tax (in Saskatchewan, this is a title transfer fee)

• Property tax adjustments

• Moving costs

Set aside 1.5%–2.5% of the purchase price for closing costs.

7. Why Work With a Mortgage Broker?

While banks offer mortgages directly, mortgage brokers shop around to find the best rates and terms for you. They can access multiple lenders and tailor solutions to your needs.

The right mortgage can save you thousands over the life of your loan.

Ready to Buy in Regina?

Mortgages may seem complicated, but with the right guidance, they become a powerful tool to unlock your homeownership goals. Whether you’re just starting the process or ready to get pre-approved, having a trusted team by your side makes all the difference.

At Matrix Real Estate Group, we work closely with trusted mortgage professionals to ensure our clients understand every step of the process and get the best possible terms.

📞 Call or Text: +1 (306) 994-7729
📧 Email: [email protected]
🌐 Visit: www.matrixrealestate.ca

Your dream home in Regina starts with the right mortgage plan. Let’s get you there.