I have to re-open this thread. My wife and I are in the process of refinancing throught a different lender(moving over to Scotiabank from Investors Group). Our current mortgage is approx. $321k with 26 months remaining on a 5yr term with an interest rate of 5.34%.
Our lawyer just received the payout statement from our current provider and they are asking for a payout penalty of over $18k. I almost lost my mind.
Does this amount sound right? They have indicated to me that they calculate their payout penalty based on IRD but their new 5yr posted rate(5.25%) is almost identical to my current rate(5.34%).
I have found some penalty calculators online, and even if they are basing it on their "special 5yr rate" of 3.99%, it should only be around $9k. What am I missing here?
Help.
Thanks,
CrazyCaper
|