Canadians Break Mortgages Post-Bank Hike
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mortgage penaltiesGlobal News
•Breaking a mortgage can be costly as rates fall. How to lessen the penalty - National | Globalnews.ca
68% Informative
Canadian homeowners are likely to break their mortgages mid-term to take advantage of lower rates in the market.
Breaking a mortgage boils down to exiting the contract with a lender before the maturity date.
The penalty is equal to three months ’ worth of interest, based on prime rate or contract rate.
When rates are falling, the penalty is more likely to come into play.
Some lenders may discharge the old mortgage and start on a clean slate” with a new loan at today ’s rates.
Some lenders will also offer cashback rewards or bonuses for borrowers willing to switch.
For Canadians keen to take advantage of lower interest rates in a refinancing deal, Tran warns.
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72
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74
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41
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