“Talk to a mortgage broker before you get a mortgage; even if it is at your own bank” says Mark Herman, Top Calgary mortgage broker.
In this case the bank loved this guy’s money, and did not listen to what he wanted. Now he has a $47,000 payout penalty.
If he went with a mortgage broker bank/ lender the payout would be $5,875. Eight, yes, 8 times less. Or $41,000 LESS.
Also see our post for OUR ALMOST customer who had his bank match our rates, but not our lenders Terms and Conditions. Now he has paid a $35,000 payout penalty. If it was at the lender we recommended it would have been $5,500.