Quote:
Originally Posted by Table 5
Hmm, so basically if I ever decide to sell the place, there is a mortgage penalty to pay? What if I took the 10 year term, and sold before 5 years?
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Big penalty!
The penalty depends on your mortgage rate, the current mortgage rate and the outstanding mortgage balance, but just to give you an idea of how much a payout penalty can be, my last three quotes were $18k, $12k and then finally $9k. If I had 3 months interest at the time, it would've been only roughly $4k in all three scenarios