Do you ask about all 9 items that can save you money on your mortgage?
There are 9 items that can save you paying more money to your mortgage lender. NINE.
Most people only ever ask about 3.
1. who is the lender?
2. what is the rate?
3. what is my payment?
And these are important..... But when you only look at these 3 you might be paying more than you should be.
I will let you in on the other 6 that the people at the bank will typically never talk about unless you ask.....
Here are the other 6:
5. prepayment options/flexibility
7. renewal options
8. bonafide sales clause
9. collateral charge
Why doesn't the person that works directly for a lender explain these other items to their clients typically? because when they don't talk about them you will likely end up paying more than you need to..... because when they don't talk about them sometimes you will go and brag about what interest rate you got while they pushed your amortization higher which actually costs you more money.... that is right..... they aren't making record profits year over year by giving their customers a deal.
For unbiased advice & a look at the WHOLE picture, not just part of it I would highly suggest you consult an independent Mortgage Broker for your next mortgage. You might still end up at a bank, it might even be the best option for you to stay at your current lender, but you deserve the whole picture, not just part of it.