Grant Wiebe

Personal Real Estate Corporation

Assurance Realty Ltd.

251 Harvey Avenue

Kelowna, BCV1Y 6C2

Office:	250-869-0101
Office Fax:	250-869-0105
Toll Free:	1-888-301-2121
Cell:	250-869-2279

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Mortgage Payout Penalties - Grant Wiebe's Kelowna Real Estate Video Blog

When paying out your mortgage early as a result of selling your property or in an effort to secure a lower rate, many people assume that they will have to pay a payout penalty of 3 months interest. The reality in today's market with falling mortgage rates is that the penalty may be much more than that. Lenders use whats called "Rate Differential" to ensure that they don't suffer losses when they lend out the money they are getting back from you early. If today's rates are less than the rate you agreed to when you signed your mortgage contract, you may be faced with a much higher penalty than 3 months interest. Check with your lender before you make any big decisions.

Grant Wiebe - Kelowna Realtor 250.869.2279 http://www.GrantWiebe.com Century 21 Assurance Realty Ltd

Posted by Grant Wiebe on August 27, 2009

Tags: Video Blog

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