Has your mortgage penalty been reduced?
Has your mortgage penalty been reduced? With the recent increase in fixed mortgage rates it is possible that your mortgage penalty has been reduced. This would only apply to those who are currently in a fixed rate closed mortgage and is a result of how the interest rate differential (IRD) amount is calculated. Essentially, with [...]
Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, [...]
Mortgage Penalties For Variable Rate Closed Mortgages
Mortgage Penalties For Variable Rate Closed Mortgages When arranging a mortgage I recommend to be aware of much more than simply who will your mortgage be with and what interest rate are you receiving. Mortgage penalties is just one example of an important factor that should not be overlooked. For more information on mortgage penalties [...]