I just read an excellent post by my favourite mortgage blogger, Dave Larock which talks about the huge hidden costs of breaking a fixed term mortgage.
Dave explains that most people are shocked when they find out the penalty they will need to pay for this privilege and he goes on to explain how the choices you make today in selecting your mortgage lender can cost or save you BIG TIME in future.
In his post, he explains the different ways that lenders calculate fixed-rate mortgage penalties and, he suggests options borrowers today have to insure themselves against outrageous penalties by choosing the right lender at the outset.
If you are shopping for a mortgage today, it’s a very good idea to take the time to read Dave’s post so you are armed with the right questions to ask. Doing so today may save you thousands of dollars in future.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg