I doesn`t matter if you break 3 years later or 6 month before the term ends. You will pay the same mortgage penalty, 3 month mortgage interest or Interest Rate Deferential penalty.

A little clarification to mortgagepro`s comment. It is true that you will pay a penalty regardless of the months remaining but the penalty could be drastically different between a 3 year and 3 month remaining term. There are 2 calculations that the banks use for penalties. 3 months interest calculation and Interest Rate Differential IRD. If the conditions are right 3 months penalty for 3yr or 3month term should be close. If the conditions are such that an IRD will be used to calculate your penalty then you are looking at a huge difference in penalty. Talk to your bank and they will calculate the costs involved for you. My suggestion is to consider a port of your mortgage. A port is where you move the mortgage term rate and balance to the new property with no penalties. You can straight port it (no change in any mortgage particulars). You can port increase where you need more money (term remains the same, higher mortgage amount and the rate is blended with todays rate). Or do a port reduction (same term, same rate, smaller mortgage amount required for new house, some penalty may apply but much less than a complete break). One last thing I should mention. Once you bank gives you your options please contact a Mortgage Agent to do some further calculations for you. Many people have benefited from switching to a new bank for their new home. This is especially true today where rates are much lower than any mortgage started over 2 years ago. In the end what you end up doing with your mortgage must depend on how much money you will save going forward. That should be your #1 priority, mortgages are very expensive over time, you have to find ways to minimize your costs. I would be happy to consult with you if you have any questions. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

There is a fee to break a fixed mortgage with RBC or any other bank. The penalty to break a mortgage is usually 3 month interest payment. For example; if I hold a mortgage with RBC for 400,000 at 3.80% interest rate and the mortgage is due in 3 years which is 36 month then the penalty to break my mortgage is going to be around 3,700$. Before breaking your mortgage you need to calculate your penalty using the calculator on RBC website. https://www.rbcroyalbank.com/cgi-bin/mortgage/tools/prepayment/prepayment-charge-calculator.cgi This calculator will show you the penalty you will pay based on your specific mortgage data. You will them need to analyze if this is worst it to you to switch to another bank. Of course if you are paying off your mortgage then the penalty is not such an important factor but if you want to get a better rate it might not be worth your while to cancel due to the high cancelation penalty. RBC allows their customers to use prepayment options which will allow you to pay off up to 20% of your total mortgage every year. If those options are used you can pay off your mortgage 100% in 5 years.

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I want to break my mortgage and refinance. the lender is giving me a cashback which will cover the cost of breaking my mortgage with the current lender. i want to know if i will have to pay any closing cost or will the bank absorb that as well. the penalty will be coverd by the cash back offer they are giving. i yet have to find out the details. what questions do i need to ask or what do i need to keep in mind. the reason i am breaking my closed mortgage is becasue its making a 1% difference, and i have about 2 years left with my current mortgage lender and if i break my contract the penalty is about 4000 which the cash back from teh new mortgage lender will cover.. so no cost to me on penalty.? oh and i live in ontario, canada not in the usa.

In the US you are required to get a Good Faith Estimate & Truth In Lending within 3 business days of application. Ask for those forms or whatever they are called in Canada. They will detail the closing costs & tell you the cost of your money. Be sure it is worth adding $4000 to your loan to do this. You are eating up your equity. Are you saving $4000 in payments over the next 2 years? If not, you may be better off staying in the mortgage you have. You MUST look at the whole picture.

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Here comes all the "empty suit" references from the rightwing mouthbreathing, knuckledragging squad. john mccain/bush stands for a third term of the disasterous bush administration, the guy should be stuffed and mounted and put in a museum somewhere in south carolina. here are some of senator barack obama's positions: opposed the iraq war from the start. voted to end the war in iraq. supports capturing and killing osama bin laden. favors a $1000 tax cut for every working american family. will implement tax form simplification to reduce filing time. provide tax credit for all middle class homeowners. provide a tax cut for all families making less than $75,000 a year. amend nafta to protect american workers. amend nafta to strengthen environmental protections. providing flex ed training accounts for workers. extending trade adjustment assistance to service workers. supported patriot employer act of 2007 that gives tax credits to large companies that keep workers here in america. double funds for basic federal research. implement a long term research and development tax credit. invest in green technologies. reduce carbon emission gases. tackle the challenges of global warming. create an energy focused youth jobs program. create federal renewable portfolio standard. extend the production tax credit. expand broadband into every community. keep the internet tax free. expand high speed internet access in rural areas. fight for passage of employee free choice act. ensure freedom to unionize. would overturn "kentucky river" classifications of bush's nlrb protect rights of striking workers. increase the mininum wage to index it to inflation. crack down on predatory lenders. provide a universal mortgage tax credit for homeowners who don't itemize. sign the stop fraud act to prevent lending fraud. mandate accurate loan disclosure. create a fund to protect people from foreclosures. close the bankruptcy loophole for mortgage companies. establish a credit card rating to improve disclosure. ban utilateral credit card charges. apply interest rate only to future debt. prohibit credit card interest on fees. prohibit universal defaults. require prompt and fair crediting of cardholder payments. protect working people from unfair bankruptcy laws. ban executive bonuses for bankruptcy companies. require disclosure of pension investments. cap outlandandish interest rates on payday loans. implement legislation to drive unscrupulous lenders out of business create a bankruptcy exemption for people that went broke because of medical bills. double funding for after school programs. extend family and medical leave act. encourage states to adopt paid leave. expand the child care tax credit supports ratification of un convention rights of persons with disabilities. supports independent, community based living for people with disabilities. expand educational opportunites for people with disabilities. expand job opportunities for people with disabilities. strengthen civil rights enforcement. sign into law the fair pay act. sign law reversing recent scotus rulings that permitted discrimination against women. sign law reversing recent scotus rulings that permitted discrimination against racial minorities. strengthen federal hate crimes legislation. eliminate the sentence disparities regarding crack cocaines. establish drug courts for first time, non violent offenders. create a prison to work incentive for those transitioning back into society. passed a law to prohibit the practice of racial profiling. supported reauthorizing the voting rights act. opposes all discriminatory barriers to voting. helped reform death penalty system in illinois to protect innocent people on death row. voted to ban cluster bombs. provide high quality affordable child care to families. will quadrulple early head start funding. will increase head start funding. creates early learning challenge grants. abolish overly rigid teach to the test curriculum in schools. improve accountability in public schools. invest in intervention strategies to reduce dropout rates in schools. increase funding for afterschool programs. supports step up program to increase summer learning opportunities. support english language learner programs. expand college outreach programs. create teacher service scholarships. requires all public schools to be accredited. create teacher residency programs. create the american opportunity tax credit for higher education. streamline financial aid application. introduced legislation to increase pell grant to $5,100. reduce carbon emissions by 80% by 2050. confront deforestation. promote carbon sequestration. accelerate commercialization of plug in hybrids. promote development of commercial scale renewable energy. invest in low emission coal plants. transition to new electric digit grid. double science funding for clean energy products. create green jobs cor

No, because they do know. And they also know that it is a bunch of BS and will never happen. "Provide a tax cut for all families making less than $75,000 a year" Wow.. what happened to the $250,000? Now it is $75,000? What will it be by the time he takes office?? Tax cuts for those that don't make anything??? Nice points dude!!

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I'm in my mid 30s but she's making my life miserable. i live in my own home over 60 miles away (where she's never visited me in the past several years). she borrowed my credit a few years ago, she's always had terrible credit, and used mine to refinance both her mortgages. i was trying to refinance myself because my credit is good but i can't afford my 8% rate from the past and now the rates are 4%. because i have additional mortgages (hers) the lender declined my loan, my payment on my huge loan is $1450/month higher than it would be had her loans not been under my name so i stopped making my payments earlier this year and am in foreclosure. she never apologizes or feels sorry. i have been asking her to remove her loans but she is trying to buy another house and doesn't want it on hers so she's stiffed me with them, i will lose my home of 9 years because of her and she seriously couldn't care less which is very hurtful and driving me nuts. i can't qualify to get another loan to buy a house now that her loans are on my name so she talked me into cashing out all my retirement funds, stocks and bonds - all my security i had saved up for years for the future. she's a real estate agent and she wants me to buy a house. i am resenting i listened to her and cashed out paying penalties and ruining my future nest egg to buy a house. now the problem is she only shows me the ones that have big commissions listed for the agent. whenever i tell her about another one i've found that i like but notice the commission is low, she talks me out of it. i liked one in another state just an hour's drive across the boarder where she doesn't have a license so she has been talking me out of it like crazy so i don't use another agent, giving me a sob story how she needs money and wants to show her friends she's selling houses. i am feeling a lot of resentment and anger. she never paid for my college, i'm stuck with student loans. she's never helped me, always mooching off of me. as a single older woman with no husband and children, it's hard taking care of myself and on top of it i feel like the one family i have is ruining my life because she gives me guilt trips whenever i don't want to follow her directions. i know it sounds pathetic but i can't get out of her control and feel suicidal at times and like i'm breaking down. any suggestions how to deal with her? no rude comments please, i know i'm a whimp.

Have you told her about how you're feeling? Communication is the first step. Honestly, I would do what I could to get her removed from my credit. You should not have to be her crutch to fall on because she has bad credit. I know you had her best interest at heart, but she obviously doesn't have yours. Do not feel guilty about choosing another agent to purchase a new home through. That's honestly the best thing you could do at this time. There would be a conflict on interest if your mother was your agent. You need to choose a house that YOU like and will be happy living in for many years. For once, take care of YOUR needs and not hers. I know she's your mother, but you need to make sure you're in a stable situation before even considering assisting her. Best of luck to you! I truly hope all works out for you! :)

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we can't wait to help workers and families and communities who are struggling right now – who don't know if their job or their retirement will be there tomorrow; who don't know if next week's paycheck will cover this month's bills. we need to pass an economic rescue plan for the middle-class and we need to do it now. today i'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities, and help struggling homeowners. it's a plan that begins with one word that's on everyone's mind, and it's spelled j-o-b-s. we've already lost three-quarters of a million jobs this year, and some experts say that unemployment may rise to 8% by the end of next year. we can't wait until then to start creating new jobs. that's why i'm proposing to give our businesses a new american jobs tax credit for each new employee they hire here in the united states over the next two years. we will also save one million jobs by creating a jobs and growth fund that will provide money to states and local communities so that they can move forward with projects to rebuild and repair our roads, our bridges, and our schools. a lot of these projects and these jobs are at risk right now because of budget shortfalls, but this fund will make sure they continue. ...at a time when the ups and downs of the stock market have rarely been so unpredictable and dramatic, we also need to give families and retirees more flexibility and security when it comes to their retirement savings. ...since so many americans will be struggling to pay the bills over the next year, i propose that we allow every family to withdraw up to 15% from their ira or 401(k) – up to a maximum of $10,000 – without any fine or penalty throughout 2009. this will help families get through this crisis without being forced to make painful choices like selling their homes or not sending their kids to college. ...for those americans in danger of losing their homes, today i'm also proposing a three-month moratorium on foreclosures. if you are a bank or lender that is getting money from the rescue plan that passed congress, and your customers are making a good-faith effort to make their mortgage payments and re-negotiate their mortgages, you will not be able to foreclose on their home for three months. we need to give people the breathing room they need to get back on their feet. ...it also means promoting a new ethic of responsibility. part of the reason this crisis occurred is that everyone was living beyond their means – from wall street to washington to even some on main street. ceos got greedy. politicians spent money they didn't have. lenders tricked people into buying home they couldn't afford and some folks knew they couldn't afford them and bought them anyway. we've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save. now, i know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity. people have been forced to turn to credit cards and home equity loans to keep up, just like our government has borrowed from china and other creditors to help pay its bills. but we now know how dangerous that can be. once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt. our long-term future requires that we do what's necessary to scale down our deficits, grow wages and encourage personal savings again. it's a serious challenge. but we can do it if we act now, and if we act as one nation. we can bring a new era of responsibility and accountability to wall street and to washington. we can put in place common-sense regulations to prevent a crisis like this from ever happening again. we can make investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. we can restore a sense of fairness and balance that will give ever american a fair shot at the american dream. and above all, we can restore confidence – confidence in america, confidence in our economy, and confidence in ourselves. read barack's full remarks, as prepared for delivery... obama's plan includes four new major ideas about job creation, relief to families, relief to homeowners and responding to the financial crisis: job creation: a new american jobs tax credit. obama is calling for a temporary tax credit for firms that create new jobs in the united states over the next two years. relief to families: penalty-free withdrawals from iras and 401(k)s in 2008 and 2009. obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year. relief

This crisis is just a lack of responsibility. people are idiots.