The land of mortgages is big, and Ryan Boughen, a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules, rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Ryan Boughen is a Trusted Regina Mortgage Broker, and in his latest mortgage tip, he shares down payment options and how much money you  need to buy a house. 

Unlocking Homeownership: Navigating  Down Payment Options with Trusted Regina Mortgage Broker Ryan Boughen

You’re not alone if you’ve ever dreamt of owning a home. However, the path to homeownership often begins with the question: How much money do I need for a down payment in Regina?

Fear not, for we have Ryan Boughen, a trusted mortgage broker from TMG The Mortgage Group, to guide you through the ins and outs of Canadian down payment options and demystify the process of acquiring your dream home in Saskatchewan.

Before we delve into down payment options, let's take a moment to appreciate the Regina area’s unique real estate landscape. With its city life, lake communities, thriving bedroom communities, acreages and lots of diverse housing options, this area of the province offers a range of opportunities for prospective homeowners. Whether you're eyeing moving full-time to the lake and commuting to work from Regina Beach, or it’s time to look for a spacious family home in the city. The key to unlocking these dreams lies in understanding your down payment.

Canadian Down Payment Basics:

The minimum down payment in Canada to purchase a home depends on the property's purchase price. While the nationwide standard is 5%, I want to emphasize the importance of considering your financial situation and long-term goals. A higher down payment reduces your mortgage amount and can lead to lower monthly payments and interest costs.

Down Payment Programs:

The journey to homeownership becomes even more exciting with the availability of down payment assistance programs. As your dedicated TMG Regina mortgage broker, my team and I will walk you through various programs designed to make your dream home more attainable. From the First Home Savings Account (FHSA) to the Home Buyers' Plan (HBP) for RRSP withdrawals, these programs offer financial incentives and flexibility, ensuring that you can make a confident investment in your future.

Gifts:

Gifts are allowed from immediate family members (parents, grandparents, children), as well as non-purchasing spouses. 

Flex Down (borrowed down payment):

Borrowers with a strong credit history and access to credit or a loan from a friend or family member may use borrowed funds for their down payment.  The buyer must be able to afford the extra payments from the loan.

Customized Solutions for Every Homebuyer:

As a seasoned mortgage broker, I understand that each homebuyer is unique, and there is no one-size-fits-all solution. I take a personalized approach to mortgage brokering, tailoring my guidance to your specific needs and financial circumstances. Whether you're a first-time homebuyer or considering an upgrade, my team’s commitment to excellence ensures a smooth and enjoyable journey to homeownership.

Embarking on the path to homeownership in Saskatchewan is an exciting adventure, and with Ryan Boughen by your side, it becomes a seamless and rewarding experience. As you explore the various down payment options and navigate the intricacies of Saskatchewan's housing market, remember that your dream home is within reach.

Trust in Ryan Boughen, and let the journey to your new home begin!

Dusyk & Barlow is a 100% locally owned Regina Insurance Brokerage providing honest, reliable, and personalized service to all their clients. Their long-standing reputation in the community remains strong through maintaining high standards of excellence and ensuring that their clients' insurance needs are met.

They are Trusted Regina insurance experts!

Do You Have Proper Auto Insurance Coverage For Vehicles In Storage? 

DUSYK & BARLOW INSURANCE BROKER  

Chris Worby is a Trusted Regina-based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby provides 9 smart strategies for controlling holiday spending.

9 Smart Strategies for Controlling Holiday Spending

The holiday season is undoubtedly the most wonderful time of the year, but it can also be the most expensive. The costs can quickly add up between gift-giving, decorating, entertaining, and travelling. However, with a little planning and discipline, it’s possible to enjoy a festive Christmas without breaking the bank. In this blog post, we will explore some smart strategies to help you control your holiday spending and make the most of this joyous season without accumulating excessive debt.

1. Set a Realistic Budget
The first step in managing your holiday spending is to set a budget. Look closely at your financial situation and determine how much you can comfortably afford to spend without jeopardizing your financial well-being. Consider all aspects of your holiday expenses, including gifts, decorations, travel, and special events. Having a clear budget in mind will keep you on track and help you avoid impulsive spending.

2. Make a List and Prioritize
Once you have your budget in place, list the people you want to buy gifts for and the items you plan to purchase. It’s essential to prioritize your spending by allocating more money to loved ones and less to acquaintances or co-workers. Be thoughtful and practical when selecting gifts to ensure your money is well-spent.

3. Embrace Homemade Gifts
Making homemade gifts is one of the most heartwarming ways to control holiday spending. Handcrafted items, like homemade candles, knitted scarves, or baked goods, save money and show the thought and effort you’ve put into creating something special for your loved ones.

4. Take Advantage of Sales and Discounts
Keep an eye out for holiday sales and discounts in stores and online. Black Friday, Cyber Monday, and other seasonal promotions can help you stretch your budget. Planning ahead, creating a shopping list, and sticking to it when hunting for deals to avoid impulse purchases is essential.

5. Utilize Cash and Debit Cards
Credit cards can make holiday spending easy but also lead to overspending due to the allure of deferred payments. Instead, opt for cash or debit cards when shopping. This way, you can’t spend more than what’s in your account or within your set budget.

6. Track Your Spending
Keep a record of your holiday spending by maintaining a spreadsheet or using a budgeting app. This will help you stay accountable and prevent exceeding your budget. Regularly reviewing your expenses can also alert you to any areas where you might need to cut back.

7. Plan Your Meals and Entertainment
Holiday feasts and gatherings can put a significant dent in your budget. Plan your meals and entertainment well in advance, making a shopping list and seeking out affordable recipes. Consider potluck-style gatherings to distribute the cost among your friends and family.

8. Set Limits on Decorations
Decorations can be beautiful but costly. Consider limiting your spending on holiday decor, or make it a tradition to reuse decorations from previous years. DIY decorations can also be a fun and cost-effective way to add festive flair to your home.

9. Consider Charitable Giving
The holiday season is a time for giving, and it doesn’t always have to be in the form of material gifts. Consider allocating a portion of your budget for charitable donations to positively impact those less fortunate.

The holiday season is a time for joy, togetherness, and celebration. While gift-giving is a cherished tradition, it’s essential to do so in a way that aligns with your financial reality. By setting a budget, making a list, and being mindful of your spending, you can enjoy the season without accumulating excessive debt. Remember, the true spirit of giving is about love and connection, not the price tag of your gifts.

Contact Worby Wealth Management Regina so we can review your personal finances and estate planning needs today.

Find Out More

Click here to see the services that Worby Wealth Management can help you with: 

• Insurance Advice
• Investments
• Regina Wealth Management Services
• Pay Less Tax With Tax Planning 
• Become Mortgage-Free Faster With Financial Education 
• Estate Planning 
• Retirement Planning 

TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

 

The comments herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances.  This Blog was written, designed and produced by  Chris Worby for the benefit of Chris Worby, a Financial Advisor at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell securities.  Mutual Funds approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc.

The Trusted Regina team is thrilled to announce a new category in 2023-  Trusted Regina NON-PROFITS! This is such a good fit for us, as we have always had a strong community focus. Trusted was proud to be recognized as the Saskatchewan Chamber of Commerce ABEX Award for Community recipient in 2017. In 2023, we felt it was time to extend the love, and we are revealing the second of our three Trusted Regina Non-profits. We are excited to announce that Regina Legion Branch 001 is our second Trusted Regina non-profit partner. 

A Long History Of Supporting Veterans

In 1926, history was made when the Regina Legion Branch was issued its charter, marking it as the very first branch of the Royal Canadian Legion. Nestled at 1820 Cornwall Street, this historical institution has served as a pillar of support and a home away from home for our nation's heroes. Today, we proudly welcome Regina Legion Branch 001 to the Trusted Regina community as a Trusted Regina Non-profit, recognizing their invaluable contributions to our society.

 Trusted Regina Lending A Helping Hand Where It Is Truly Needed 

The past few years have been exceptionally challenging for the Regina Legion, as the global pandemic disrupted their operations and gatherings. Coupled with an aging demographic, regaining past membership numbers, volunteers, and sponsors has proven to be an uphill battle. Nevertheless, the Regina Legion Branch 001 membership remains unwavering in its dedication to its mission.

The Royal Canadian Legion was founded by Veterans for Veterans, and the Regina Legion continues to passionately advocate for the care and benefits of all who have served, regardless of when or where they served. This dedication extends to the currently serving Canadian Armed Forces, RCMP, and their families. The Regina Legion offers them representation and assistance, and access to these crucial services is provided at no cost, whether or not individuals are Legion members. 

Legion Branches serve as the heart of communities across Canada, providing one of the largest volunteer bases in the nation. With 1,350 Branches spread from coast to coast, Legion members are pivotal in offering local services and support that contribute to building a stronger Canada. Their multifaceted efforts include assisting local Veterans, supporting seniors, initiating youth sports programs, fundraising, volunteering to aid those in need, and providing a welcoming space for gatherings, fun, and celebration. In essence, Legionnaires offer indispensable services within their communities.

'Let's Make A Difference Together'

Regina Legion Branch 001 Is A Trusted Regina Non-Profit 

The Trusted Regina team is thrilled to announce a new category in 2023-  Trusted Regina NON-PROFITS!  

This is such a good fit for us, as we have always had a strong community focus. Trusted was proud to be recognized as the Saskatchewan Chamber of Commerce ABEX Award for Community recipient in 2017.

In 2023, we felt it was time to extend the love, and we are revealing the first of our three Trusted Regina Non-profits. We are excited to announce that The Kinsmen Foundation - TeleMiracle is our first-ever Trusted Regina non-profit partner. 

"Ring Those Phones"

The Impact of TeleMiracle

A Team with Huge Hearts

“The Kinsmen Foundation is an amazing organization with a genuine mission to help Saskatchewan residents with miracles of mobility equipment and much needed financial support when they have nowhere else to turn. I’m so humbled and grateful to be able to give my time and talents to making our province a better place, one individual and one family at a time. TeleMiracle is truly rooted in Saskatchewan with such a long-standing tradition of success, and without our generous TeleMIracle donors, who are our true Miracle Makers, we couldn’t do what we do in Helping People Every Day. Thank you, Saskatchewan!” – Carman Praski, Fund Development Manager, Kinsmen Foundation

'Helping People Every Day' 

Kinsmen Foundation - TeleMiracle is a Trusted Regina Non-Profit