The cost of breaking a mortgage
YourMortgageYourWay.ca will help you save thousands on your mortgage by matching you with the right mortgage lender for your needs. Our promise is to use simple language, full transparency, and clear communication every step of the way.
Mortgages are broken for a number of reasons including moving, marriage, divorce, employment or health issues, or the desire to leverage capital from the property. 6 out of 10 Canadians will break their current mortgage at an average of 38 months. This means that 60% of people are moving, refinancing, or restructuring their mortgage for some reason and they're triggering a penalty!
Be aware of penalties and consult your mortgage professional.
As your mortgage advisor, you can count on us to conduct a yearly mortgage review. We offer free, straightforward, and honest advice.
Many consumers think their bank will automatically give them the best rates because they have been a loyal customer for many years, have multiple accounts, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.
Bottom line: Penalty clauses are a very important part of the mortgage contract. Why? If you need to break your contract with your bank, be aware of all the consequences.
The right mortgage for you will save you money and stress.
Are you thinking about getting a lower interest rate and worried because you’re in a fixed-rate mortgage?
Don't be afraid of your penalty, we have a solution.
Give us a call now and let's do a mortgage review. Cashback mortgages can help you get up to 3% of your mortgage balance back to you. You can use this cash to cover expenses like your legal fees, moving costs, investments, or even pay back your mortgage with a lump sum.
Always remember – it’s best to refinance when your mortgage term is up to avoid penalties.
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