The city of Saskatoon is currently the fastest growing city in the nation, as well as being part of the only province in Canada that is expected to have financial growth this year. This has really helped people who are currently looking to obtain their first mortgage, refinance their existing mortgage to obtain a better interest rate, or for the people who are relocating to Saskatoon.
With the economic growth there brings a lot of new people to the city of Saskatoon, due to the high employment rate, as well as the cost of living. A lot of people don't understand or are uneducated on the benefits of using a mortgage broker. Mortgage brokers have been around for sometime, but I feel that they are still being under utilized. Some of the major benefits of using a mortgage broker are the lower interest rates, as well as the more personalized service. Another big benefit of using the services of a mortgage broker is that there are no Fee's involved for the mortgage broker to obtain your mortgage, and the rates are alot lower. Below is a table that will allow you to compare the difference in interest rates between going to your local banker, and using a Mortgage Broker.
Term Bank Broker
6 Months 5.20% 4.45%
1 Year 5.00% 3.25%
2 Years 5.00% 3.80%
3 Years 5.20% 3.90%
source: FPR
4 Years 5.44% 4.14%
5 Years 5.79% 3.99%
7 Years 7.00% 5.15%
10 Years 7.35% 5.25%
CURRENT VARIABLE RATE IS 3.3%
CURRENT PRIME RATE IS 2.50%
For further information on obtaining the right mortgage for you feel free to contact
Jamie Kochan (306) 222-3395 for all your mortgage needs.
