With Spring buying season starting, aspiring and existing home owners would be wise to research the cost of breaking their mortgage.
Depending on the type of mortgage you have, penalties might be zero, 3 month’s interest or something known as the Interest Rate Differential (IRD) amount.
The cost can vary wildly, so make sure to ask your lender how they calculate the penalties and how much you will owe if you break your mortgage.
Original article from: www.theglobeand mail.com
