Article provided by: Amber Rambally - Saskatoon Mortgage Broker - TMG
Bordered on the north by The Northwest Territories and to the south by the USA states of Montana and North Dakota is the Canadian province of Saskatchewan. The largest city in the province is Saskatoon located approximately 500 north of the Montana border. Saskatoon, with a population of about 300,000, is sometimes given the nickname the “POW” city because of its industries in potash, oil, and wheat.
Saskatoon is the home of Amber Rambally, who is considered the best Saskatoon Mortgage Broker. She is an Accredited Mortgage Professional (AMP) with The Mortgage Group (TMG) who has helped many folks through the mortgage process that can be very daunting, especially for a first-time home buyer.
Amber’s role as a mortgage broker is to deal with the various financial institutions on your behalf to make sure that your interest rate is the lowest possible and that the terms and conditions are the most beneficial to you. She earns her fee by first offering honest advice and secondly by freeing up your time better spent on your career or family instead of muddling blindly through the process.
Amber Can Help
Let’s look at the types of mortgages that Amber can help you with:
- Fixed Mortgage – The main advantage of a fixed rate mortgage is that the rate is locked in for the duration of the term (Up to 10 years) and that rate will be lower than an open mortgage. The drawbacks are a down payment of 10% to 25% and penalties for an early pay off and some remorse if interests rates drop.
- Open Mortgage – The rate is usually tied in with the lenders prime rate and is somewhat higher than a fixed mortgage. The main advantage with an open rate mortgage is the flexibility with the payments and no penalties for an early payoff.
- Variable Rate – If the lenders Prime Rate remains low then a variable rate mortgage can prove advantageous. The main problem is that if interest rates go up and the owner has been making fixed payments for a certain number of months, there will be a much larger monthly payment when the fixed payment term expires.
- Secured Line of Credit – this is for borrowers who wish to tap into the equity in their house or properties. The required minimum monthly payment is the interest only and that can help some people resolve a cash flow issue.
Why Do I Need a Mortgage Broker?
The main question for most people is: Why do I need a mortgage broker? If you are experienced in dealing with financial institutions, real estate and other aspects of the mortgage industry then you may not need one.
But, if you are a new homeowner and have that “deer in the headlights” look when confronted by professional bankers and commission seeking real estate agents, then the use of a professional Saskatoon Mortgage Broker like Amber Rambally is well advised.
Before risking any time and money you should contact Amber and listen to her advice on how a professional Mortgage Broker will work to your advantage. She may simply advise you to wait a while if you have credit issues that need to be resolved or she can outline a comprehensive plan for you to consider. Amber can be reached at 306-220-0425 or 877-899-5046 or you can use the online form at saskmortgages.ca to email her your questions and concerns about a re-finance, first home loan or just to explore your options.
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