Ask your mortgage professional…
…if the loan he/she is recommending has a prepayment penalty. You can sometimes get a better rate if the mortgage has a 2 or 3 year prepayment penalty. However, if you may refinance your mortgage during that time, you do not want a prepayment penalty. Additionally, hard prepayment penalties apply even if you sell your home. Soft prepayment penalties apply only if you refinance your mortgage, not if you sell your home. Make sure you understand the conditions of any prepayment penalty on your new mortgage.
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