Can i switch my mortgage to another propery without a penalty

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Hello. Can i switch my mortgage to another propery without a penalty?

In Mortgage Cont.16

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	Q. Will i pay a penalty if i break my variable closed mortgage to switch for a 5 year fixed in the same bank?
	No, you will not encounter any penalties if you switch from your current variable rate to a 5 year fixed rate with the same bank in Canada. The banks want you locked in to collect the interest and to have you as a long term client. Comment Reply Report 0 0

Q. What is ird penalty when breaking a mortgage and do banks apply this type of penalty in the mortgage contract?

IRD or Interest Rate Deferential is a formula the banks use to calculate mortgage penalty if you decide to break the mortgage with your current lender. The IRD formula is used in a case where the current posted rates are lower then your mortgage rate. This is done in order to have a bigger penalty if you are breaking your mortgage for a better rate.

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Q. Should i switch my mortgage company?

Ontario Canada - may I know why you want to switch? If you are not happy with them, email me what they have done for you and what documents you have signed with them to know what remedies you can get. victor_catalan@centum.ca.

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