Mortgage brokers in Saskatoon can arrange first or second mortgages for your property. As mortgage brokers we work to provide our clients with a mortgage that meets their requirements. We have open and closed mortgages with fixed or variable interest rates. Mortgage brokers in Saskatoon can provide loans for first and second mortgages for home renovations or debt consolidations. Please call us or send us an email for a free quote on your mortgage.
Mortgage brokers can provide first and second mortgages which can be either fixed or variable mortgages. A fixed-rate mortgage is a loan with monthly payments set at a fixed interest rate. A variable interest rate mortgage payments depend on the Bank of Canada interest rate, which can go up or down.
Saskatoon mortgage brokers understand that many people have a poor or bad credit rating. Brokers also know that credit ratings do not tell the whole financial story. There are many reasons why a person has a poor credit rating including, missed payments or too many credit cards. The most important point to remember is that private mortgages are not based on your credit rating. Even if you have a very bad credit rating it is still possible to get a mortgage with reasonable interest rates.
Most Canadian banks are reluctant to give loans to people who are self employed or have a bad credit rating. This means that there is a large number of Canadians who cannot get a mortgage from a Canadian bank. Private lenders in Saskatoon on the other hand will provide first and second mortgages. A private mortgage is based on the equity in your home not your credit rating.
First mortgages are the most secure since they have first priority when the house is sold. Second mortgages and third mortgages carry a higher level of risk and therefore they also have a higher rate of interest. Private lenders in Saskatoon also can provide money for refinancing your existing mortgage even if you have been turned down by a bank.
Your credit rating can have a significant impact on whether or not you qualify for a mortgage. Most lenders will not lend you any money if you have a poor or bad credit rating, but private lenders do not consider your credit rating to be very important. Private lenders are primarily interested in the loan to equity ratio of your home. You can go to the Equifax website site and get a free copy of your credit report.