I am saying this so that you will know how to compare offers from different lenders especially if you are shopping
for cheap mortgage rates.
There can be several valid reasons for breaking or refinancing your mortgage, for example moving to a larger home, taking advantage
of cheaper mortgage rates, or simply paying your mortgage off early.
«So we're looking at an environment, going forward, where this era
of cheap mortgage rates will largely be behind us.»
If you don't qualify for a mortgage based on this rule, you will either be deemed as a b - lender (and don't get
the cheapest mortgage rates), the maximum mortgage you can obtain will be reduced, or be declined for a mortgage by that lender.
• Do I want
the cheapest mortgage rate or is it more important to have the lowest monthly mortgage payment I can get?
However, you need to understand that the lender with
the cheapest mortgage rate may not be the cheapest in the actual sense.
If you can work on the points discussed above, though you may not get
the cheapest mortgage rates, you will likely get your mortgage at a reasonable rate.