Date Posted: September 29, 2020
Have you considered breaking your mortgage for a better rate? There are some things to consider before moving forward with breaking your mortgage.
If you are in a variable rate mortgage you do not necessarily need to break your mortgage. If you do though, decide to break your mortgage to refinance, your penalty would only be 3- months of interest. If you took a 7- or 10-year mortgage and you are past the 5-year period of your term you can also break your mortgage with just a 3- month interest penalty. Penalty does also depend on your mortgage. It does depend on different factors such as how much of your term you have left as well as if you have your mortgage with a private lender where penalties are generally smaller or a bigger financial institution such as a Bank.
If you were looking for more information regarding breaking your mortgage or refinancing, reach out to a Mortgage Broker today!
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