Mortgage penalties 101
Mortgage penalties in Canada are an expensive travesty and 65% of Canadian mortgage holders pay these penalties annually.
Mortgage penalties are calculated based on the terms and conditions of the mortgage agreement.
The penalty is usually charged when a borrower pays off their mortgage early or breaks their mortgage agreement in some other way.
Yes…you read that correctly. If you were to go into a bank to pay them back the money they lent you…for which you paid interest to them for the privilege…you would then, to add insult to injury, have to pay these bastards a MORTGAGE PENALTY!!
Example: Breaking the mortgage agreement to switch to a different lender or to renegotiate mortgage terms. Any reason will do for these sods to charge you a penalty. Then they’ll charge you a $300 admin fee. Oh…then they’ll charge you a $300 “reinvestment fee”.
You cannot make this crooked shit up.