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Old 04-04-2017, 10:29 AM   #1
calf
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Default Break Fees on a shorter term mortgage

I have a mortgage up for renewal on a rental property, which if the market ticks up, I'd like to sell (within a year would be great, but realistically I know it could be in 2 or 3). Does the formula for breaking the mortgage change if going from 5 years to 1 year, in order to minimize the break fee?

My 5 year formula is standard I believe (greater of 3 months interest or the interest rate differential calculation).
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Old 04-04-2017, 10:49 AM   #2
Mortgage Made Easy
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The penalty will depend on the lender as well... who is your current lender?

If you would like to PM me the following details, I can give you some options to consider and idea of potential penalties.
- Lender
- Mortgage Balance
- Remaining Amortization

This will give me a little bit of info to be able to better answer. I can also call if you would like to PM your number? Cheers Tim
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If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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