Situated on the northwest shores of Lake Ontario, Toronto Ontario is the most populous city in Canada and a prominent center for music, theaters museums and many festivals. Residents from the suburban community of Brampton, Ontario are able to enjoy all the culture the city has to offer while enjoying suburban living.
There are times when a person finds reason to want to break their mortgage. For instance they could be relocating, want to upgrade or capitalize on lower lending rates. Some things to consider are:
What is your mortgage penalty
In most cases you will want to contact your existing lender to request a payout amount and each lender may have a different way of calculating your mortgage penalty. This is important information you will need to make a decision that is right for your circumstance.
Is your mortgage portable
Having this type of mortgage will allow you to transfer your existing mortgage and rate to the next property you purchase.If you wish to move this is a very nice option to have and avoid a penalty.
Do you have an extra clause that could impact your decision
A couple of examples of this would be a Bona Fide Sales Clause which means unless you sell your property you cannot pay off your existing mortgage. Another clause might be a No Port option meaning you cannot transfer your mortgage to another property during the term of the mortgage. Both are clauses to be aware of if you are thinking of moving or paying off your mortgage before the end of the term.
Do the total saving outweigh the cost of the penalty
Sometimes getting a lower rate does not always mean savings, why not give Rakhi Madan Mortgage Agent at Dominion Mortgage a call to advise you on your options.
