Fireplace Suncrest

cambie overhead

Suncrest Backyard

Bowercrest fireplace

123 Talltree Stittsville Dining Room

Columbus Bedroom

Refinancing your Mortgage - Ottawa speaks out about Bank Penalties for Better Interest Rates

15 March 2010 •

So, I have decided recently to purchase an investment property. My financial plan was to refinance my home at a lower interest rate and get a home equity line of credit to pay for the new condo downtown. With the historically low interest rates currently available on a variable term with the option to lock in, I thought I couldn't go wrong. However, when I contacted my bank I was informed the fee would be approximately $11,000 to break the last two years on my current fixed mortgage agreement. I was stunned.

When I read this article in the Globe and Mail, written by Tara Perkins and Roma Luciw, I was pleased to see I was not alone! These penalties are absurd, and its great to know some have taken action towards these lending companies.

Categories

Tagged

Previous Post Next Post

blog comments powered by Disqus

Recent Blog Posts

Post Archives

Tag Cloud

Francais ?
Je suis bilingue.

Let's Talk About
Your Dream Home 613-369-8314
info@rachelhammer.com

LIVE CHAT NOW

Rachel, Chris, and Dana are knowledgeable professionals you can trust. In a competitive market, their strategies help their buyers stand apart and their sellers maximize value. They succeed by building relationships with their clients -- and the competition.

• Marnie

The listing content provided by REALTOR.ca has been licensed by REALTOR® members of The Canadian Real Estate Association The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.