are you concerned about high penalty costs?
Breaking your mortgage before the renewal date can have financial consequences, that's why it's important to reach out to a mortgage professional to discuss your options. If you're thinking of selling your property, refinancing your mortgage, or transferring your mortgage to another lender, a mortgage broker can help you understand the potential penalties and costs involved.
It's important to be aware of the different types of mortgage penalty calculations for fixed and variable rate mortgages. Some common penalties include 3 months interest or an Interest Rate Differential (IRD), or a percentage of your mortgage balance. However, it's important to note that each lender may have their own penalty structure and these can vary greatly.
It's worth noting that banks and credit unions may have higher fixed penalty fees compared to non-bank/credit union lenders.
At MVP Mortgage Solutions, we will help you to understand all of the different prepayment penalty calculations and how they may impact your mortgage, and provide you with the best rate guarantee. But please note that the information above may be subject to change from time to time.