Refinancing your Mortgage - Ottawa speaks out about Bank Penalties for Better Interest Rates
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.
blog comments powered by Disqus
Recent Blog Posts
- Ottawa's New Vacant Property Bylaw
- Should I Add Green Updates to My Home?
- Selling A Home After Separation
- Should I Install a HEPA Filter at Home?
- How to Safely Hang Holiday Lights
- How to Winterize Your House
- Have Fun at Home this Halloween
- Leverage your Realtor's Insight as You Downsize
- How we Help Our Clients Transition to New Homes
- Are You Ready to Downsize?