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Old 10-30-2014, 07:26 PM   #12
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB
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Quote:
Originally Posted by ranchlandsselling View Post
So there's no fixed mortgage that offers nothing less than ird?

Yes there is fixed rates that offer less than IRD.

Each lender is different and banks have a more complicated calculation which can create the larger penalties as this article did.

As mortgage brokers we do explain the different options for penalties if you take fixed, variable or no frill / restricted rates... For each lender.

There are numerous options...

This is why we do try to explain that not one rate fits all. Sometimes a rate that is 0.10% higher can save you more money if LIFE happens.

Sorry for the long winded reply. I could go on and on. Lol
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