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. 



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Francais ?
Je suis bilingue.
Rachel Hammer
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Your Dream Home
Thanks so much Dana & Rachel for your assistance with our house purchase in Ottawa - we really valued your knowledge of the Ottawa housing market. Your offers to attend the home inspection, pick up our keys, and be our eyes and ears in Ottawa when we couldn't was greatly appreciated.
• Bruce & Maureen