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Can you transfer mortgages without penalty in alberta

 
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anonymous


Can you transfer mortgages without penalty in alberta?
0     In Mortgage

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    Q. How does home trust mortgages calculate cancellation fees and is there a calculator which i can use to figure out the total penalty due?


    All banks have the same calculation for breaking the mortgage. They use 3 month interest rate calculator when the market interest rate is higher then your mortgage. The banks will use IRD formula to calculate the mortgage penalty when the interest rate on the market is lower then your mortgage. IRD calculation is very high and costly when it comes to breaking your mortgage.

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