New way to look at Mortgages

I had  meeting yesterday with members of the mortgage team from ALBERTA TREASURY BRANCH  they are moving ahead with their vision to be the best banking institution in Alberta with some innovative practices. From now on your mortgage rate won't depend on how good a negotiator you are they are going to be posting their best rate. This is good for the consumer in two ways, first what you see is what it really is and second if for some reason you need to sell before your term is up you know what your penalty will be calculated on .Not like other institutions where you negotiate down from the posted rate but if you need out before your term they calculate your penalty on the original posted rate. That difference can and usually is a very significant dollar amount.  A home mortgage is likely to be your largest assumption of debt in your entire life its about time that the banks started to deal with you the client in a more open and transparent way. Cudos to the Treasury Branch.

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