I have attached a link below on a great article giving some examples of how the traditional bank penalties are much more costly than mortgage lender penalties.
In the past there was not much information on penalties, and people would be stuck with whatever the bank says or does. With this new generation social media is growing every day. Information is coming from all angles, educating the general public on many other options that go beyond bank options.
Banks have their good points. Offering ways to help you with banking, possible investments and/or loans. Mortgages are a great revenue for banks as well, adding to their 4 billion dollar profit. But their mortgage product is great for them and not so great for you ….. Compared of course to the other options available by other companies. Year by year, generation after generation, you see the increase use in consumers using professional mortgage brokers to help secure a mortgage, and a decrease in consumers dealing with the banks directly. If done right, the broker will secure the type of mortgage financing you need, as he/she is not an employee of the bank, but an employee of yours, leaving his/her loyalty and obligation to you and you only.
I am here to help all of you, my clients, in planning out a mortgage today, and years to come that will be tailored to your financial and mortgage goals. To protect you from the finer details that you are signing up for and save you money every opportunity we get.
The future changes and so does your mortgage, if we plan ahead, it will save you in the long run.