Blog#3 Top 5 Questions to Ask Your Mortgage Broker in Saskatoon
By Dave Oliver Mortgage Broker Saskatoon
Choosing the right mortgage broker can make the difference between simply getting a loan and making a confident, cost-effective home-ownership decision. With dozens of lenders and hundreds of mortgage products available across Canada, the best way to start is by asking the right questions.
Here are the top five questions every Saskatoon homebuyer—or homeowner considering a refinance—should ask before signing on the dotted line.
1. Which Mortgage Product Is Best for My Situation?
Not all mortgages are created equal. Some are designed for first-time buyers, others for investors or self-employed borrowers. A good broker will look beyond interest rates and consider long-term goals, income stability, credit profile, and your comfort level with changing payments.
Ask your broker to compare at least three products side-by-side to see which balances cost and flexibility.
Example: If you plan to sell within three years, a shorter term may save on penalties. If you’re seeking stability, a 5-year fixed might be worth a slightly higher rate.
2. What Fees or Penalties Should I Expect?
Transparency builds trust. Always ask for a breakdown of every cost associated with your mortgage:
Fee Type | Typical Amount | Notes |
Appraisal | $300 – $500 | Sometimes reimbursed by the lender |
Legal / Closing | $800 – $1,200 | Varies by lawyer and property type |
Prepayment Penalty | 3 months’ interest or IRD | If you break the mortgage early |
Broker Fee | $0 – $500 | Usually paid by lender, not borrower |
Tip: A reputable mortgage broker in Saskatoon will disclose all potential fees upfront—no surprises at closing.
3. How Do You Find the Best Rate for Me?
A great broker acts as your advocate, not just a rate shopper. Ask how they source their rates and whether they work with multiple lenders, including banks, credit unions, and alternative lenders.
At Dave Oliver Mortgage Broker Saskatoon, we review offers from over 20 national and regional lenders to ensure every client gets the best mix of rate, flexibility, and approval terms.
4. What Happens if Rates Change Before Closing?
Mortgage approvals typically last 90–120 days. Within that window, rates can move. Ask your broker whether your rate will stay fixed once approved, if they offer a rate-lock guarantee, or if you can float down to a lower rate if the market drops.
Your broker should monitor rate changes and update you automatically, not only when you reach out. Technology-driven brokers use tools that alert them to lender rate adjustments in real time.
5. What Support Will I Get After Closing?
The relationship shouldn’t end when the paperwork is signed. Ask what kind of ongoing service your broker provides: annual check-ins, renewal reminders, advice on pre-payments, and refinance assistance.
A trusted mortgage broker is a long-term partner who helps you manage your mortgage efficiently through every stage of homeownership.
Bonus Question: What Makes You Different from My Bank?
This question helps you evaluate your broker’s value proposition. Banks only offer their own products, while brokers shop the entire market. Ask for examples of how your broker has helped clients secure better terms, lower penalties, or faster approvals.
Final Thoughts
Asking the right questions empowers you to make confident, informed decisions about one of life’s biggest financial commitments. A professional broker should welcome these discussions—transparency and education are signs of a true mortgage expert.
If you’re ready to begin your mortgage journey in Saskatoon or anywhere in Saskatchewan, start with a conversation. The answers you get today could save you thousands tomorrow.
Ready to Talk?
Call: (306) 227-7367
Request a Quote: https://saskatoonmortgagebroker.net
Email: dave.oliver@mortgagegroup.com