News from Canada's Mortgage Experts

One of our mortgage agents had a client call them last month excited about the fact that their dream home came up for sale, so they put on offer in and they purchased it. They were concerned about the fee they were going to be charged when breaking their existing mortgage. They are currently in the 3rd year of a 5 year fixed rate mortgage paying around 4.5% interest. They are going to break their existing mortgage when moving into their new house to take advantage of the lower variable rate mortgage which is currently available to them (2.15%). In this week’s video blog I will show you how to leverage your existing pre-payment options in your mortgage contract to help reduce the fee you will need to pay when breaking your mortgage. Another simple fact your bank won’t tell you that you can consider when purchasing your home.