WHY ISN’T ANYONE TALKING ABOUT THIS?
You bought a home… you need a mortgage.. what’s the first question you ask your Banker? “what’s your best interest rate?”. And the second question is usually, “what product should I choose?”.
Almost no one asks about Mortgage Penalties or how they are calculated. After all, how often does anyone have to pay a penalty, right? WRONG! $10,000, $20,000, $30,000 and higher. This is how much penalties can add up to… these are real numbers. And guess what? This isn’t some unknown bank or small lender.. These are coming from the BIG SIX BANKS.!!
Here’s a little known stat…. “Canadians change their mortgage every 3 years, on average”. Ask anyone that’s owned a home before. Chances are, they’ve had to deal with a mortgage penalty at some point.. and for most of them, it’s an embarrassing subject. After all, who wants to admit to being the victim? Check out the stats… Read the rest of this entry »