Ottawa Needs to Step in Due to Mortgage Penalties Still Being Obscure
A recent article in the Globe & Mail suggests this and I have to agree. Since moving from the banking world to the broker one I've learned that not all mortgage penalties are created equally. Also up to 70% of people break their mortgage term prior to it's maturity date. All will face a penalty; some will get a portion or all of it refunded under certain conditions. This is key to getting the lowest total cost of borrowing.
See below for the full article:
From Globe Investor:
Mortgage penalties are still obscure. Ottawa, home owners need your help
Via the Globe Investor iPhone app
As always if you have any questions please don't hesitate to call or email me anytime.