When I meet with my clients, I explain that I believe my role is to get them the mortgage that fits their goals and plans, while saving them the most amount of money over the lifetime of their mortgage. This takes into consideration what you might be offered at renewal time by the lender or should you terminate the mortgage during the term or what will you pay for an early payout penalty.
In the last few weeks the feds have increased the posted rates (aka, contract rate) at the big 5 banks, was 4.54% and now at 4.74%. Why does this matter to you??…qualifying and early payout penalties!