Compare the best current mortgage rates in Saskatchewan for free.

A mortgage term is the length of time your mortgage contract remains in effect at the interest rate set by your lender. Once the term ends, you can renew your contract at a new rate. The term renewal process continues until you pay off your mortgage in full. A variety of mortgage terms are available, ranging from six months to 10 years. The most popular term in Saskatchewan (and across Canada) is a five-year term. The term you select will have a direct impact on your mortgage rate. In general, short terms have lower mortgage rates because lenders assume more risk the longer a mortgage contract remains in force. The rate on a 6-month mortgage term in Saskatchewan will be different than one that extends 10 years into the future.

The amortization period is the amount of time it will take for you to pay off your mortgage in its entirety. In Canada, the maximum allowable amortization period is 35 years; however, it’s permitted only to homebuyers who contribute a down payment of 20% or more. If your down payment is less than 20%, the longest amortization period you can commit to is 25 years.

An open mortgage gives you the option to pay off your entire mortgage any time without being penalized. This payment structure is suitable for homeowners who want the added flexibility to make extra payments on their mortgage, or for those who expect to sell their home soon and want to build up some equity. Open mortgage rates in Saskatchewan are higher than closed mortgage rates because lenders bear the risk of losing out on interest income if borrowers pay off mortgages prematurely.

A closed mortgage commits you to a fixed payment schedule for the duration of the mortgage term, with no ability to contribute additional payments. Should you decide to break your contract before the term’s end date, you could face substantial penalties. However, most lenders will allow you some leeway and permit extra payments up to a predetermined amount. Interest rates on closed mortgages are lower than those on open mortgages.

Saskatchewan is located in the heart of the Prairies. This is Canada's very own “big sky country,” a place for people who love wide open spaces. A province with seemingly endless farmland and vast stretches of wilderness and parks, Saskatchewan is also home to the bustling city of Regina, its capital and commercial centre. The province's economy relies heavily on natural resources, with Saskatchewan producing more than half of Canada's wheat and a major portion of its oil refining capacity.

The overall cost of living in Saskatchewan is low compared to more populous provinces with major cities like Ontario, Quebec and B.C. However, you can expect to pay more in the province’s two major cities, Regina and Saskatoon, compared to more rural areas.

Saskatchewan’s home prices are among the lowest in Canada, making the province an ideal place for purchasing a property. Mortgage rates in Saskatchewan in 2021 have dropped significantly, making homeownership affordable for more people.

Saskatchewan has a provincial sales tax of 6%. When combined with the GST, this results in a total sales tax of 11%, which is lower than most provinces. The province employs a progressive income tax system with reasonably low rates.

Car insurance in the province is fourth most expensive in the country, with the annual cost of premiums around $1,200. Still, the overall cost of owning a vehicle in Saskatchewan is lower when compared with other provinces, like Alberta and Ontario. Saskatchewan cities are also ranked among the least traffic-congested in Canada.

The province offers a generous incentive for residents to attend a post-secondary institution. Eligible students may apply to the Graduate Retention Program, which provides a $20,000 tuition rebate.

Getting the lowest mortgage rate is just one factor. You also need to consider your mortgage contract's flexibility and explore what options can help save you money. Some features to investigate before signing your mortgage contract include prepayment privileges, penalties, and portability.

Prepayment privileges: If paying off your mortgage sooner is important to you, ensure you discuss prepayment options with your lender. Every financial institution has its unique policy regarding prepayment privileges, with some imposing strict limits, so inquire early about this feature.

Penalties: Should you need to break your mortgage before your term ends, you may incur thousands of dollars in penalties. Mortgage penalties compensate the lender for the interest payments they lose when a borrower ends their mortgage early. The amount in penalties you could face will depend on the type of mortgage you have and the lender’s policy, so be sure to discuss this during your negotiation.

Portability: This feature allows you to transfer your existing mortgage to a new property with your current rate, terms, and conditions intact. Essentially, your old mortgage will be combined with a new one. In cases where the mortgage on the new property is larger than your current mortgage, your lender will assign you a revised mortgage rate. The new rate will blend your current mortgage rate and the rate on the additional loan. Porting doesn’t involve refinancing and won’t trigger prepayment penalties.

LowestRates.ca works with 50+ Canadian banks and brokers to bring you competitive mortgage rates. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage interest rates for Saskatchewan. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.