To get mortgage savvy you need to know a few things about the lender you will be using. There are some Mortgage Lenders who are able to take on more variety of clients then others. If you have some challenging issues in regards to your credit there are Lenders out there willing to take you on However they do charge a higher interest rate and will have higher payout penalties should you want to refinance, and some of them won't let you refinance at all. There are other mortgage lenders who offer the best rates but may have high payout penalties that can affect refinancing for you at a later date. This is information your mortgage professional needs to share with you when you are setting up your mortgage.
There are things that every consumer should ask themselves when setting up a new mortgage. In regards to payout penalties.
1. Am I going to stay in this property for the next 5 years
2. Am I going to need to do any renovations or improvements to the property that I would need to refinanace to do.
3. Is this a property I intend to flip?
4. Am I in a position where my job may send me to another city, province or country.
In setting up the best mortgage for anyone these answers should be shared with your mortgage professional before deciding what is the best mortgage for you. Sometimes it is not always about the best rates you can get but the best conditions of your mortgage the lenders can offer you.