Payless Penalty

Beware of some low rate specials

April 25, 2014 | Posted by: Laking Financial

It might sound great to hear from your bank advising they have a great, low rate mortgage special just for you.  Maybe even as low as 2.99% for 5 years.  However, make sure you read the fine print as well as ask lots of questions.  Are you able to refinance without a crazy penalty?  Are you able to pay extra on your mortgage balance?  Are you completely locked in unless you sell your house??  This might sound crazy but many of these offers from the "Big 5 Banks" typically have those conditions.  This is another great reason why you should choose a mortgage broker as your first choice for mortgage financing.  We will find you the lowest rate available while making sure you have all the flexibility you need.  It's not all about rate, it's about customizing the mortgage for your needs.  

The video below shows a great example of how just finding the lowest rate on your own or signing for the lowest rate at the bank without asking questions could be costly.  The valuable experience of a mortgage broker can save you thousands of dollars.  Lets us know what your thoughts are on the video.


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