Main forum: Mortgage Penalties in canada

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May 18, 2018 4:49 AM CST
Mortgage penalties are probably the last thing on your mind. Most people are concerned the mortgage rate. The mortgage penalties are different depending on the rate we choose i.e, variable or fixed.

Mortgage penalties are straightforward if you have a variable-rate mortgage — expect to pay the equivalent of three months' interest in most cases. With a fixed-rate mortgage, the penalty is set at the highest of three months' interest or a calculation called the interest rate differential, or IRD.

Alternative lenders often have better rates than the big banks, and they typically have cheaper penalty fees. So, before you take a mortgage, consult a professional who could well explain about the mortgage penalties in Canada
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