Quote:
Originally Posted by j335
Keep in mind Brokers don't always get you the best rate anymore, my last mortgage I got better rates going directly to a bank and before that I always went through my broker. HSBC & Tangerine are both below 2% on fixed 5yr mortgages, be sure to read the fine print though as HSBC has a high payout penalty and generally are very slow to deal with... See link below for a good comparison to help with shopping.
https://www.superbrokers.ca/tools/mo...es-comparison/ |
consult your local foreclosure lawyer when wanting to pay out a mortgage
the law used to be a decade ago that
BANKS CANNOT CHARGE A PREPAYMENT PENALTY IF YOU LET THE MORTGAGE FALL INTO ARREARS THE LETTER OF DEMAND CAN ONLY ASK FOR THE PRINCIPLE OWED. plus interest of course and costs if you fail to pay it out right away
situation still exists today but the banks official position I s
WE KNOW NOTHING
and to be blunt 95% of lawyers will tell you must pay the 3 months penalty interest because THEY ARE PAID BY THE BANKS AND WILL LOSE THE. ORTGAGE WORK IF THEY TELL YOU NOT TO PAY PENALTY INTEREST
funny how that works, eh. follow the money