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Impacts of Breaking your Mortgage with Tangerine

Posted on 9th Jul 2014 by Mark Stern
Breaking Mortgage

Are you a mortgage customer and you want to refinance your mortgage? If yes then you must think not just twice about it so that you will not end up regretting. Well, thinking about refinancing your mortgage is a normal thing for many mortgage customers in Canada. Mortgage is a rising industry in different parts of Canada. It seems that most people prefer to get a mortgage because mortgage is one way that enables many people acquire total ownership of property. However, refinancing your mortgage term is very risky especially if it is your first time to refinance your mortgage. It is very important that you get important information on how to refinance your mortgage properly.

 

There are many factors that lead many people to decide refinancing their mortgage. Some people decide to refinance their mortgage because they want to transfer to another lender or if they decide to sell their condos, homes and other priorities. Before you decide to refinance your mortgage, you must be aware that there is a tendency that you need to pay a certain amount as your penalty fee. The payment that you need to pay of you wish to refinance your mortgage term is called prepayment penalty. Prepayment fee or charge is one way that your lender’s make you pay for the interest charges that they would lose by letting you break and refinance your mortgage term and account with them early.

 

Some banks that will ask you pay prepayment charges usually fail to give detailed information on how they calculated your prepayment charge. It is important that you take time in checking your prepayment charge because usually, such charge is expensive. Building mortgage penalty calculator is one effective way to use so that many mortgage customers who want to break their mortgage team early will acquire information about reasonable prepayment fee that they need to pay to their lenders.

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