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Is there any penality to break variable closed mortgage in canada

 
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anonymous


Hello, Is there any penality to break variable closed mortgage in canada?
0     In Mortgage Cont.13

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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?


    "Penalties if you switch from your current variable rate to a 5 year fixed..."



    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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