Quote:
Originally Posted by Deelow
It's worth pointing out, rate shouldn't be absolutely everything. Even if the bank matches or slightly beats the rate a broker can find you, there are other sings to consider. Portability, pay down windows ect. My experience is that this is where banks typically aren't looking out for your best interests.
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I have no idea who will offer you better terms on this end but it is definitely important. The penalties can be huge if you get the wrong terms.
Also, the flexibility to pay down more is really handy. The standard is (or should be) payments can be increased up to double and a lump sum of 20% can be put down every year.
Whichever way you go you should make sure you fully understand the terms of canceling early. Mine is three months interest but the first mortgage I had wanted something in the range of $15000 in penalties to cancel.