Years ago prior to my real estate career I took out a high interest rate mortgage without paying attention to the IRD penalty clause for breaking a mortgage and soon realized the consequences when I broke my mortgage contract to shift to a lower interest rate. How much penalty I had to pay? A whooping $16,000!!!!
Not only I took out a wrong mortgage I didn’t received a proper advice and thought were given what I thought the only option available to me. Starting March 5th 2012 this practices is about to change!