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/ restrictive mortgages just as long as you are certain you won't need to make any changes during the term.