Mortgage fees: Prepayment penalties

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A prepayment penalty is a fee that your mortgage lender may charge if you:

  • pay more than the allowed additional amount toward your mortgage
  • break your mortgage contract
  • transfer your mortgage to another lender before the end of your term
  • pay back your entire mortgage before the end of your term, including when you sell your home

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Original Article Source Credits:   Canada.ca , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-09-15

Link to Original Article:  https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html

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Based in Edmonton, Stefan Cherwoniak is a mortgage broker at Quickfire Mortgage Solutions, providing his services across Sherwood Park, St. Albert, Edmonton & the surrounding areas.