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How does firstline mortgage calculate the variable rate mortgage cancellation fees

 
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anonymous


How does firstline mortgage calculate the variable rate mortgage cancellation fees? Danny
0     In Mortgage Cont.18

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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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    Q. How to calculate monthly mortgage payment with 5 year variable rate?


    Canadian mortgage - there are many calculators available. Check my website at www.victorcatalan.ca and you can use the calculators I have on my home page.

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