Quote:
Originally Posted by Sylvanfan
One thing about Mortgage brokers though is that they're not always the best choice if you have an existing mortgage and want to change houses. I made that mistake the first time I moved going back to the mortgage broker again who got me the same mortgage but I had to pay the 3 months interest payout on that mortgage to move to the next one.
The last time I moved I went directly to the institution that I had my mortgage with and was able to get the new mortgage and had the three months interest credited back to me. A friend of mine was looking to upgrade his house recently and his mortgage broker told him he'd have to pay out the penalty on his mortgage and get a new one. I told him to go talk to the loans manager at the institution and try to negotiate it so they could get out of that and he was able to do so. Now the key is to get that and still get the best mortgage product out there for you. If you're switching the type of mortgage you have than probably no dice.
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A good mortgage broker will do this for you...