With the competition from Mortgage Lenders on the increase, I have noticed this trend. Buyers will be attracted to a particular lender by very low interest rate.
However, please be careful that with lower interest rate many features are missing.
What are these features or "Bells and Whistles" as we'd call them.
With no frill mortgage please check if you can
a) Make a bulk payment
b) Early Payout available
c) Increase your monthly payment
d) Transfer the mortgage instrument.
e) Portability
f) Payout if you sold your home
Many or all of the no frills do not allow most of the above listed features, thus NO Frills! Please ask questions before committing your self to a 'No Frill"of ''Lowest Interest Rate" loan.
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