Rates are closely tied to terms. Generally, shorter terms carry lower rates. Cashbacks are extremely popular, if you forgo the discounted rate. You may have to prepay taxes up to six months in advance, a cash flow killer. Whenever possible, pay your own taxes.
Portability makes long-term mortgages viable.
Like a door, most mortgages are partially open and partially closed. Unless it's fully open, expect to pay a penalty if breaking a mortgage early. You can in our Columnist newsgroup. Alan Silverstein is a real estate lawyer whose column appears in the weekend Sun's New Homes section. We welcome your feedback.