Saskatoon Mortgage Broker

Saskatoon Mortgage Broker

Mortgage brokers are becoming more popular not just in Saskatoon, but in all of Canada. In 2009, a mortgage broker was used by 45% of Canadian first-time home buyers. Why so popular? First-time home purchasers typically have a harder time getting a mortgage from a bank because they lack collateral and home equity. A mortgage broker will work hard to find them a lender that is willing to work with their situation. Other home buyers enjoy the rate discounts that most mortgage brokers can offer over the banks. But there are many other reasons to use a mortgage broker in Saskatoon.

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Mortgage Brokers Get the Best Deals

Not only is a mortgage broker more pleasant to deal with than the bank, but we make sure you get the best mortgage interest rates possible. In today's competitive rate market, you can absolutely get a great deal on a mortgage. A bank may try to explain away reasons why you don't qualify for a better rate, but your Saskatoon mortgage broker will dig up deals for you that the bank doesn't want you to know about.

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Mortgage Brokers Don't Lock You Into Sneaky Deals

A recent episode of CBC Marketplace revealed that TD Canada Trust is making all new mortgages "collateral mortgages". Collateral mortgages essentially have you taking out more than the value of your mortgage so that you have more credit available to borrow under the terms of your mortgage without further approvals being needed. However, they aren't telling new customers that all mortgages are collateral mortgages until the day before it's time to sign the papers in the lawyer's office. Why do the banks love collateral mortgages? They make it nearly impossible to switch your mortgage to another lender, which insulates them against you switching to save money and frees them up to charge you exorbitant rates on your mortgage in the future.

Think of First Foundation as a traffic cop for bad mortgages; we'll stop them before they can get to you!

Our mortgage brokers will never lock you into this kind of arrangement. In fact, we will steer you far away from it unless you require a collateral mortgage and want one after fully understanding the terms.

First Foundation's Saskatoon Mortgage Brokers Get the SK Market

First Foundation has brokers that are licensed in Saskatchewan and understand the ups and downs of the real estate market in Saskatoon, Regina, and communities in rural Saskatchewan. We know what to look for when buying a commercial or hobby farm. Essentially, we dig into the details with you and act as a member of your team rather than just finding you a mortgage.

Contact First Foundation today to get our Saskatoon mortgage brokers on your team.

Last updated Jan 14, 2019