There are a variety of lending sources available for mortgages in Manitoba including banks, credit unions, and private lenders. Each provides mortgage products designed for a certain demographic of borrowers. Manitoba has a large number of credit unions throughout the province compare to other provinces. A mortgage broker has access to a large number of lenders and can often provide the borrower a selection of mortgage products. They can accelerate the process of locating a lender by assisting with necessary paperwork. If one lender rejects the loan they can quickly place it with another. A mortgage broker can also save the borrower money. They can shop the loan to provide the lowest interest rates in Manitoba. Mortgages can also have variable or fixed interest rates. Variable rate mortgages, also called adjustable rate mortgages, feature low introductory rates and payments. The lower initial payment allows lenders to qualify borrowers for a larger home than they would ordinarily be able to purchase. They also allow borrowers to take advantage of lower interest rates without refinancing. However, rates and payments can increase drastically throughout the life of the loan. Fixed rate loans have payments and interest rates that remain stable throughout the life of the loan. They are stable and not susceptible to interest rate fluctuations. For more information please contact Vertuity Mortgage Inc, 3200 Roblin Boulevard, Winnipeg, Manitoba, R3R 0C3, Ph: 204.888.HOME (4663)/ Fax: 1.888.245.9717.