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I have a five year closed variable mortgage and I want to sell the house midterm How do I do that in simple terms

 
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Monty


I have a five year closed variable mortgage and i want to sell the house midterm how do i do that in simple terms? Thank you in advance. Elva
0     In Mortgage Cont.12

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    Q. If i have a variable rate closed and i sell my house do i pay a penalty?


    ON Canada - yes you still pay a penalty especially if you go to another lender. For a variable rate mortgage, normally it would be 3 months interest rate plus discharge/admin fee. You should be OK.

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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.

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    Q. What is the penalty for variable 5yr closed mortgage?


    penalty for breaking a 5 year closed variable rate because I sold my house.

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