I want to share with you my personal mortgage story in Saskatoon.
It's not always about the interest rate, it's more about how efficiently it gets repaid that make the difference on the life time costs of your mortgage loan. People paying more than they have to drives me nuts!
There’s nothing wrong with visiting your local bank branch as your first stop, but it shouldn’t be your only stop.
By failing to shop around and discuss your options, you’re potentially leaving thousands of dollars on the table in interest savings. Banks are less flexible when it comes to approving mortgages for many types of mortgages these days. When you go into your bank the only mortgage product they can offer you is one of their own, where as mortgage brokers have access to multiple lenders and all of their products. We have access to lenders that you might not have access to off the street. Without a relationship with a broker, you’re leaving those options off the table.
Big banks will typically get you in at a low interest rate but because they have so many customers and offer many different types of loans ( i.e. lines of credit, vehicle loans and mortgages) they don't always have the time to really get to know you and your personal situation nor do they ensure that you understand all the details of the product they are offering. We can provide you with an unbiased option and select the lenders that make the most sense based on your financial situation, a broker can also look at the various terms that suit your need—maybe you need prepay options, or a more flexible payment schedule.
Big banks generally have the highest penalties in the industry because of the way they calculate the penalty. I had my first mortgage with a big bank and I paid huge (over $12,000!) when I sold my home because when we renewed we didn't even have a conversation with the bank about what could possibly change over the next 5 years nor did I truly understand how taking advantage of the pre-payment privileges would drastically reduce my interest costs.
Mortgage brokers are compensated directly by the lender, so most of the time there’s absolutely no cost to you as the consumer. The only time you might have to pay a fee is when working with a private lender or a lender who refuses to pay broker fees, but a broker will tell you in advance of those potential extra costs.
The people that help you with your mortgage at a bank generally receive a salary and they are paid whether they secure you a mortgage or not, whereas a mortgage broker only receives a pay cheque after your loan has been funded. Mortgage brokers work on referrals so we really want to add value and give you the best advice and service as possible so that you leave happy and tell your family and friends about our services so we can grow our business.
As your mortgage broker I would definitely have all the necessary conversations with you as saving people money makes my heart smile.
Contact me for your mortgage in Saskatchewan, in today's day we can do everything by email and over the phone. We share documents and obtain signatures electronically so I can work with you no matter where you are located in Saskatchewan not only in Saskatoon.