February 3rd, 2014, Owen Bigland
Every now and again I will have a client go to what I
call a 3rd tier or no name lender because they want to save a few dollars each
month on their mortgage. The mortgage market is very competitive. Usually
the only way a small credit union or trust company can beat one of the big
banks is by offering a mortgage that has a lot of hidden fees and restrictions
tied to it.
My advice is to be careful, read the fine print and ask what
the penalties will be if you need to make any changes to it down the road. The
big banks also offer these no frills restrictive type mortgages and can usually
match or beat what a no name lender can offer if the lowest rock bottom rate is
your top priority. Nothing wrong with these no frills/ ...