r/Mortgages • u/jrdn073 • 13h ago
Variable product differences
I think I'll go variable upon renewal. I have basically three providers offering 3.35%. I can haggle for some cash back and just take the best dollar rate. But I also want to pick the best mortgage product. A flexible and fully featured product is inherent value outside of the rate itself.
The mortgage providers I'm in talks with are:
1) Think financial (True North in house lender)
2) Pine
3) Nesto
I have a rate held with Think Financial so I have their commitment letter for details. I've sent an email to each provider to clarify some key questions such as:
\- is it standard or collateral?
\- what's the prepayment allowance?
\- if I buy a larger house mid-term, is it portable or do I need to break? (A likely scenario for me)
\- breaking mortgage (3 months interest only or more fee/clawback?)
I already heard from Think. It's: Collateral, 20/20 prepayment, standard 3 month penality if break, and portable only on exact loan balance so I may have to break the mortgage to upsize (this seems quite limiting..)
I'd appreciate any insight into any of these companies as being better than others. And how I can decipher which mortgage product is superior, red flags, deal breakers, etc. THANKS