In Saskatchewan, the costs associated with mortgages for purchase, refinance, and renewal vary depending on the type of lender and specific transaction terms. For mortgage purchases, banks typically charge various closing costs such as appraisal fees, legal fees, title insurance, land transfer taxes, and administrative fees. Credit unions often provide competitive rates and lower administrative fees for mortgage purchases, with potential discounts for first-time homebuyers. Private lenders, while offering flexibility, may come with higher closing costs, including lender and broker fees, and possibly higher interest rates.

Refinancing mortgages with banks may involve similar closing costs to purchases, including appraisal and legal fees. Credit unions in Saskatchewan often offer attractive rates and lower closing costs for refinancing, particularly for members with good credit history. On the other hand, private lenders may have higher closing costs and interest rates, making it essential for borrowers to carefully weigh the costs and benefits.

Mortgage renewals in Saskatchewan typically incur minimal closing costs with banks, mainly administrative fees for processing the renewal. Credit unions may offer competitive rates and incentives for mortgage renewals, benefiting loyal members. Private lenders may not handle mortgage renewals as commonly as banks and credit unions, focusing more on new loans and refinancing. Borrowers should compare closing costs from different lenders and consider long-term implications like interest rates and repayment terms to make informed decisions that align with their financial goals.