15 August 2011

Actually, when you’re offered an extremely low interest rate, there may be certain hidden «traps» in it, such as:
•    Limited term selection
•    Hidden mortgage restrictions
•    High conversion rates (i.e. variable to fixed)
•    High mortgage penalties (in case you refinance or terminate before maturity)
•    Unexpected fees
•    Unprofessional broker or bank officer (e.g., on penalty minimization, term selection etc.)
Of course, there are exceptions, but still it’s necessary to pay attention to all these details and make sure you can handle them. That’s why it’s better to consult a professional broker in order to find the best mortgage in your particular situation.