Beware of Mortgage Penalties when Rate Shopping

Penalties

Understand your Mortgage Penalties when Rate Shopping is extremely important! Mortgage rates are at an all time low so it’s important to understand the penalties if you break your terms. Rates for a 5 year fixed mortgage have been hovering between 2.59%-2.99% for several months now. When a client comes to see me for a new mortgage, whether it is for a purchase, refinance or their existing mortgage is up for renewal, I will give them the best rate available. I put them in a product that is going to meet their needs and what is going to save…

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