Ask Angela
Question: My bank just gave me a sweet deal. The same rate as a mortgage professional quoted. Should I take the sweet deal my bank offered?
Answer: With the limited information, I can give you general information on what to look for.
1) What options came with the banks' deal?
2) Will the bank give you good prepayment options? Only once a year, anytime or none at all?
3) What will the difference be in penalty calculations? The banks have higher posted rates which is the rate they use for penalty.
If you are not sure of any of the above, ask your bank. Get your mortgage professional to figure out the difference of any of the above scenarios.
You may have a good deal or you may have a deal that will not be a sweet deal in the end.
Mortgage professionals always will give you free unlimited, unbiased quotes.
Most people these days sign up for a 5 year mortgage, but need to change their mortgage before the 5 year mark, paying thousands in penalties. It is much better to pay less than more.
Call for a mortgage consultation 250-650-4182
