621 Main Street, Humboldt, SK, 306.682.5535
Banking in Humboldt
Top 5 Things To Consider In A Mortgage
Humboldt has many financial institutions and mortgage brokers to choose from. Take your time and choose the bank, credit union or broker that best suits your needs. These are but a few options for your review.
1. Share & Shop
Provide mortgage advisors, brokers or financial institutions with your financial picture in great detail. They will be able to help you look at your own financial circumstances and tailor you with a suitable product. When choosing a mortgage, you should always look at the percentage fees attached to the product. You should always negotiate your rate...or at very least get a list of rates available. A small percentage can save you big bucks in the long-term.
Many mortgage deals will tie you in for an agreed amount of time, which means that if you exit the deal early you will be hit with a redemption penalty. Make sure you are aware of how long you are tied in for, and think about how your circumstances may change over the period. Early redemption penalties can be very high, and you don't want to incur any more charges than you have to.
Depending on your circumstances, you may suit a mortgage that allows you to overpay, underpay or take payment holidays. You can then fit your mortgage payments to suit your needs.
Some mortgage products will include incentives such as a free valuation, free legal fees, a cash rebate or free insurance for a set time. However, it's important that these freebies do not fool you, as they are often worked into the total cost of your deal. Calculate how much these incentives will affect the overall costs because what you see is not often what you get.
It's crucial that you work out how much you want to borrow, and how much you can physically afford. Remember that you will have to pay taxes, perhaps condo fees, lawyer fees...not to mention your monthly expenses when the dust clears. It hard to enjoy a new home when you don't have any money left to order pizza.
CONEXUS CREDIT UNION
716 Main Street
Humboldt, SK S0K 2A0