November 25, 2017

Did You Know …​​

Did you know that when a borrower tells a lender they are prepaying the full or partial amount owing on a mortgage, the lender must in writing provide the applicable prepayment charge along with a description of how the lender calculated the charge.  This includes the amount owing on the mortgage, the annual interest rate, the comparison rate used for the calculation and the remaining term on the mortgage that was used for the calculation. Over the past number of years, I have written numerous blogs about the exorbitant costs of mortgage penalties, which can reach in the tens of…

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