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Penalties for Paying Your Mortgage Out Early Are Not All The Same

Posted by Sherry Rioux on April 21, 2011

I just read an excellent post by my favourite mortgage blogger, Dave Larock which talks about the huge hidden costs of breaking a fixed term mortgage.

Dave explains that most people are shocked when they find out the penalty they will need to pay for this privilege and he goes on to explain how the choices you make today in selecting your mortgage lender can cost or save you BIG TIME in future.

In his post, he explains the different ways that lenders calculate fixed-rate mortgage penalties and, he suggests options borrowers today have to insure themselves against outrageous penalties by choosing the right lender at the outset.

If you are shopping for a mortgage today, it’s a very good idea to take the time to read Dave’s post so you are armed with the right questions to ask.  Doing so today may save you thousands of dollars in future.

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