It’s not just about the Rate!!
Have you ever wondered what some of the material differences are between the big banks and the smaller monoline lenders? (mono – meaning a bank who only deals in mortgages). Here is a great article from our friends at MERIX Financial who explain some of the differences of how mortgage payout penalties can be calculated. Although this might not be the case with every bank, this is a very good example of what often occurs. REMEMBER: Not all mortgages are created equal!