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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.

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