Quote:
Originally Posted by photon
So we're selling one of our properties, do you have to worry about payouts when you are selling?
In my case it doesn't matter because the mortgage is open, but just wondering.
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Absolutely, that's by far the more common time we see penalties.
That's why banks have portability policies. If you want to sell your house and buy another, you can transfer the remainder of your balance and term to the new property at your existing rate without paying a penalty for breaking the mortgage if your bank allows porting and you have a closed mortgage.