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Focusing Solely On Rate Could Cost You Later

 

 

Getting a good rate on your mortgage is important, no arguing with that. But it is also important to look at, and understand, the other terms of your mortgage, such as:

  • What are the prepayment privileges?
  • Can I break my mortgage early? 
  • How are the early payout penalties calculated?
  • Can I transfer my mortgage to a new lender?
  • Can I take my mortgage with me to a new property?

Ignoring these other terms could end up costing you over time, both in money and convenience.

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Mortgages: Rate Is Important, But Don’t Skip the Fine Print

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