News from Canada's Mortgage Experts

A woman called me asking for help. Her bank is charging her a whopping $15,000 to break her existing mortgage of approximately $180,000. She needs to break her mortgage because she is moving to a new home. We provided her with some initial advice on how to deal with her bank so that she can get her mortgage charge reduced. Her first conversation went as expected i.e., the loan officer at her bank responded with a “sorry but there is nothing I can do, you will need to pay the full amount”. Not to worry, we have more strategies up our sleeve to help her. She agreed to allow us to track her story to see how she makes out in the end. We also promised not to expose which bank it is (at least not for now) because we want to see how well they treat her without the threat of being exposed.

We will keep you posted on her predicament.

P.S. DON’T FORGET TO READ AND UNDERSTAND THE TERMS AND CONDITIONS OF YOUR MORTGAGE CONTRACT, DOING SO CAN SAVE YOU THOUSANDS OF DOLLARS IN EXCESS FEES OVER THE TERM OF YOUR MORTGAGE.