That low 5 yr fixed rate online – Ask about the fine print

That low 5 yr fixed rate online – Ask about the fine print

Ask about the fine print.

As we move into the 2017 spring mortgage market, there are several lenders offering great rates.  While it is important to look at your rate, it is also vital that you understand the fine print. Not all rates are created equal. The key is to understand your mortgage and its features. Is your mortgage portable? Assumable? Is there a higher penalty when you have to pay it out early? How much can you pay down on your mortgage each year with no penalty? I believe that you need to have flexibility with your mortgage. This can mean many things to different people so be sure to ask about the fine print.