By: David Larock, Mortgage Planner, Integrated Mortgage Planners Inc.If you have an open mortgage, you can discharge your mortgage at any time without penalty but if you have a closed mortgage with a fixed term you may have to pay a costly mortgage interest penalty depending on how much time is left on your term. The penalty amount will vary and can be quite high. Avoid paying a penalty to the bank because it's your hard earned money going down the drain. If you have a costly mortgage penalty that is preventing you from selling today, we can purchase your property through our Home Buying Program that will save you from having to pay the penalty. We specialize in these types of situations without charging you any fees or real estate commissions. Contact us with any questions you have: 604- 812-3718. Why Do Fixed Rate Mortgage Penalties Matter and How Is Your Penalty Calculated? Many people think that the differences in how lenders calculate fixed-rate mortgage penalties are a non-issue now that rates have fallen to ultra-low levels. Nothing could be further from the truth.
31 August, 2014 / 0 Comments