Saskatoon Mortgage Rates
One of the best reasons to talk to a mortgage broker about switching your mortgage at renewal time are the excellent mortgage rates that Saskatchewan homebuyers are enjoying right now. With our many years of experience as an established Western Canadian mortgage broker, First Foundation can get you the best rates available on the market.
Why A Mortgage Broker Gives Better Rates Than the Bank
The bank uses two things to consistently highball mortgage rates; the fact that you instantly recognize their name and fear. You may not recognize the names of the lenders that your mortgage broker gives you, but they are Canadian-registered financial institutions just like the banks that are subject to the same regulations. They also make less money than the banks since they are laser-focused on mortgage products, and consequently don't have million-dollar marketing budgets to make sure you know their names. They'd rather sell through brokers to financially-savvy consumers than drop a hundred thousand dollars on a television ad.
Factors Which Determine Your Mortgage Interest Rate
There are three factors that affect how low you can go on the interest rate scale. These are your credit history, your debt level and your recent income levels. If you have a low debt ratio, a decent income, and reasonably good credit you'll typically qualify for the lowest rates. Even if one of those variables isn't exactly perfect, today's Saskatoon mortgage rates are so low that it hardly matters. You'll still qualify for a low rate.
Which is Better: Variable or Fixed Mortgage Rate
A fixed rate lets you lock in a rate for a certain term, such as three years or five years. A variable rate fluctuates with the market, but is typically lower than a fixed rate as you're trading security for savings. The inherent danger with a variable rate is that it is allowed to rise under the terms of your mortgage; for this reason many risk-averse clients like to lock in a fixed rate. However, you can save thousands of dollars on your mortgage with a variable rate if rates remain low. A mortgage broker can help you make the decision based on your own comfort level and your personal situation.
Who is First Foundation?
First Foundation brings mortgage brokers and insurance brokers together in one company to give you the best in financial services. Our award-winning mortgage brokers work for you to get you the best mortgage rates in Saskatoon and terms that suit your payment style. Call us, email us or apply for a mortgage online to see what kind of rates First Foundation can get you.
If you have any questions about finding the right mortgage in Saskatoon, we are here to help and would love to talk with you anytime!