How understanding Prepayment Penalty can save you thousands $$$

Dated: 02/25/2019

Views: 1686

I always say know the rules of the game up front and it will eliminate most frustrations. This interview is with a mortgage broker, Eva Neufeld and we discuss mortgage prepayment penalty - mortgage prepayment penalty - what are the fees for breaking a mortgage. Please note that much of this information isn't only applicable in Edmonton, Calgary or all of Alberta. Most of this info is applicable throughout Canada.

Here is a link to download a graphic which explains the extreme differences you could be paying when it comes to prepayment penalties.

Ouch!!! Some of these numbers are huge!

Some of the questions asked are; 1. What are payout penalties 2. How are variable rate mortgage penalties calculated? 3. What is an IRD (Interest Rate Differential?) 4. How to the Big 5 Banks calculate the Interest Rate Differential compared to a Monoline Lender? 5. Is the lowest rate always the lowest cost of borrowing money?

CLICK HERE you would like more info feel free to visit Eva's website.

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