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Not All Mortgage Penalties Are Equal
 
Last week CBC reported on an Edmonton family's shock over being charged a $17,000 penalty for breaking their mtg term at TD Bank. They were breaking it to sell their home in order to start an orphanage in Haiti. This was seriously going to cut into their savings and jepordize their plans.
 
On average up to 70% of people break their mortgage term prior to maturity. For reasons such as to refinance, lower their rate or to move.
 
If faced with a penalty there is no reason why it should be this large.  
 
Since moving the banking world to the broker one I've learned that the penalties charged by some of the lenders, I now work with, are a quarter of the amount of what a bank, & even some credit unions, would charge. That coupled with no haggling on rates, better features with more flexibility on paying down your mortgage makes this a better way to go to avoid... what I call... Mortgage Remorse.
 
So if you're looking to buy & are pre approved for a mortgage with your bank please consider there are many other options available.
 
Again, I'm Tony Marchigiano, Mortgage Broker @ Mortgage Alliance West.
 
Tony Marchigiano 1-155 Water Street
Mortgage Broker Vancouver, BC

cell: 604 505 7109
fax: 604 909 4666

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