One disadvantage of having your mortgage with a traditional bank is that typically their penalties for breaking your mortgage before the term is up are much larger than those you could expect from other lenders.
This article from CBC is another example of an extreme but not uncommon situation of mortgage borrowers who didn't understand what they were getting into when they signed the papers with TD.
Has this happened to you?
Is government intervention the solution... to standardize how penalties are calculated?
Call or PM us to learn whether you have a mortgage like this or to learn more!
The above is just another great example for "Why using a Mortgage Professional" when shopping for a mortgage is the best idea.
Things to watch out for concerning your possible mortgage penalty:
1) Posted Rate w/ Discount Rate VS Preferred Rates
2) 3 Months Interest vs IRD Penalty
Both of these are discussed in detail in
this article along with example calculations.