The Lowest Rate Isn't always the best rate!
The lowest mortgage rate can end up costing you thousands! Here's how:
Often times, the lowest rates come with restrictions. What are the restrictions attached to the mortgage?
Most banks will offer restrictive terms on the most attractive rates. These restrictions can include:
1. No prepayment privileges or less of a prepayment privilege
2. Higher penalties to exit the mortgage
3. No option to refinance the mortgage
4. A sale clauses like the inability to break your mortgage unless you sell
Considering 7/10 will break their mortgage within 3 years these fees can be astronomical and end up costing you thousands.
Be sure your mortgage options are suitable for your needs today and account for the next 3-5 years or you could get stuck losing thousands in penalties and interest.
Have you received a rate from your bank? We would be happy to review it at no cost or obligation.
Call us today for your free mortgage review. 905-252-0501