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Why should you use a mortgage broker?
by Dale Bridges: Bridges Mortgages, Saskatoon
 A Broker's responsibility is to our client, not the lending institution. Our service is personalized to meet our client's specific needs. We are available anytime to answer any questions you may have about obtaining your mortgage financing. We know the market and are familiar with the products offered by all leading lending institutions. We are generally able to offer our clients a better interest rate than that “posted” by the institutions themselves, but can still give you the opportunity to use the institution, and in most cases, the branch of your choice.
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 A home that’s visually appealing and in good condition will attract potential buyers driving down the street. Such a home also shows better than a comparable property with an ungroomed lawn. Everyone knows that there is only one chance to make a first impression.
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 A home is likely the single largest purchase a person will ever make. It is not a decision that should be rushed into. A contract to purchase property places a number of financial and legal obligations on the buyer. It is important to consider these obligations when deciding to purchase a home. The first thing buyers should consider is whether they can afford to buy a home.
A suggested guide is to spend no more than 30% of gross annual income each year on the purchase of a home. This figure should cover the payments made on the principal and interest for the mortgage as well as the taxes (p.i.t.). For example, a person who earns $2000 a month before deductions should plan to spend no more than $600 per month on p.i.t. payments. |
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 Few people are able to pay the full price of their home immediately. Commonly, after paying the down payment, the rest of the purchase price is financed by a mortgage. If they qualify, buyers may arrange for a new mortgage or assume an existing mortgage on the property.
Mortgages
What is a mortgage?
A mortgage is a loan of money usually from a lending institution such as a mortgage company, trust company, bank, or credit union. |
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