Quote:
Originally Posted by Badgers Nose
My mortgage renews in 4 months. Scotiabank offered 3.19 for 5 and 2.99 for 3.
If I move to another bank, do I pay penalties?
I am ten years into my mortgage, was most of the interest paid in that time?
|
You won't pay any penalties to move to another bank. They may charge you a small discharge fee of approx $200 but the lower interest rate will certainly outweigh that.
As for the interest paid in the first 10 years you will have certainly paid a lot but it depends on what your original amortization was. Send me an email and I can try to send you an amortization table that shows the interest paid so far.