Quote:
Originally Posted by daredevil
Just my two cents... Sometimes brokers will get you the best rate, but don't always place you in the best product given your individual situation.
Make sure you are careful analyzing all the "features" of the product.
Don't get stuck in a no frills product in case you are pretty confident you will be remaining in it for the whole term.
Also, not saying all brokers are like this, but some are more concerned about making their sale and commission and less about helping you. It's easy to default to best rate...but doesn't always mean it's the best fit.
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Well said. Those low rates you find out there, no matter who with, come with restrictions. These low rate products are designed for those that are
guaranteed to be staying with that lender for the full term, otherwise they'll be charged a steep penalty. Essentially the investors are saying "I'm going to offer this great low rate, but I want to be guaranteed on my return".
I ALWAYS show my clients multiple options and make sure they're aware of any restrictions, and what the payout penalties are on all products. I find more often than not clients will take the slightly higher rate because of the added flexibility. I'm a huge believer in flexibility myself as well.