Quote:
Originally Posted by MJK
This is what I just got in response to penalty.
there is no penalty with the 3 options outlined below. The only penalty you would incur would be a 3 month interest charge if you paid the full amount within the 5 year FIXED term. If you decided on the 5 year VARIABLE term, there is no penalty charges what so ever. paying bi-weekly, up to double payment and up to 10% lump sum per year, there is no charges. Only if it's paid in full under a fixed term
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No penalty charges on the OPEN variable rate. There will be penalties with the closed variable rate.
They can offer you a better rate than 3.75% as well. Try to do a little negotiating with them. Or like others have said get a broker to do all the leg work for you.