How understanding Prepayment Penalty can save you thousands $$$

Dated: February 25 2019

Views: 2021

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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Jason Beattie

Jason, a good Alberta boy, was born and raised in the Edmonton Area. Born into real estate and has spent over 20 years helping his clients through some exciting and eventful moments in their lives. ....

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