Will i pay a penalty on my mortgage by moving 2 months before current contract end

Leader Board

Leading Experts		Credits
1.	MortgageEnde	11832	Level 7
2.	ANiyazi	4806	Level 5
3.	mortgagepro	4486	Level 5
4.	carrielawlor	1676	Level 4
5.	MortgageManC	1105	Level 3
6.	admingal1975	519	Level 2
7.	Pattymurph	341	Level 2
8.	propertysold	264	Level 2
9.	Flip	257	Level 2
10.	Magan	245	Level 1
11.	michaels4316	245	Level 1
12.	Ron	244	Level 1
13.	Tristan	238	Level 1
14.	Ned	238	Level 1
15.	ConsumerProt	234	Level 1
16.	Shirly	232	Level 1
17.	Tracey	228	Level 1
18.	geoff12345	227	Level 1
19.	Charlie	218	Level 1
20.	Desperatewif	208	Level 1
21.	Jennette	206	Level 1
22.	Alejandra	201	Level 1
23.	Eusebio	199	Level 1
24.	Sadie	199	Level 1
25.	Carmelo	199	Level 1
View all

Answer

Report Abuse

Vote:

Asked by

Lemuel

Will i pay a penalty on my mortgage by moving 2 months before current contract end?

In Mortgage Cont.08

Industry Experts

+ Add Expert

	Q. What is ird penalty when breaking a mortgage and do banks apply this type of penalty in the mortgage contract?
	"A formula the banks use to calculate mortgage penalty if you decide to break..." 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. This answer closely relates to: Selling my house and moving my mortgage How much money do i have to pay to break my 280,000 mortgage using the interest rate differential formula? Why do banks generally charge a much lower penalty if the mortgage agreement on a variable rate mortgage? Comment Reply Report 0 0

Add your answer/comments in just seconds. No signup necessary.
Just put your answer in the box below and hit Save.

Can you help us by answering one of these related questions?

Will i pay a penalty to break my variable rate contract?
What penalty to cancel condo lease contract toronto?
I left my landlords property before the end of my 6 months contract becuse of noise from next door can i ask for my deposit to be payed back?
When current tax revenues exceed current government expenditures and the economy is achieving full employment the cyclically adjusted budget has neith?
At this present moment we are in a fixed rate deal and pay 720 a month the contract is to expire oct 2011. the penalty is 2000 i worried by the time i?
How does the mortgage work when moving?
Do you have to port both second and first mortgage when moving?
Can i get a mortgage when im moving city?
We just bought a house 7 months ago an are splitting up, how much penalty will we have to pay, we bought it for 240,000?
What are the penalties for moving a mortgage in ontario?

We need your help! Please help us improve our content by removing questions that are essentially the same and merging them into this question. Please tell us which questions below are the same as this one:

Q: Will i pay a penalty on my mortgage by moving 2 months before current contract end?

Categories

Will i pay a penalty on my mortgage by moving 2 months before current contract end

Industry Experts

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

"A formula the banks use to calculate mortgage penalty if you decide to break..."