Picking a lender? It’s not always about rate
Written by: Andrea Jolly
If you are buying your first home, chances are you are going online to check out mortgage rates. The big
question most people have is “should I choose fixed or a variable rate mortgage”? And while that is a big
decision, it isn’t the only one you should be thinking about.
Each lender has their own rules and restrictions when it comes to pre-payment and penalties. Knowing
the difference could save you thousands.
How are penalties calculated you ask? Here is a scenario comparing two lenders with the same rate.
Let TheRedPin Mortgage Team review all of your options before you make this important decision.
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