(Closed) Getting out of a mortgage

posted 5 years ago in Home
Post # 3
Member
10509 posts
Sugar Beekeeper
  • Wedding: January 2011

You don’t have to do a 5 year term.  There are 1 year terms.

Post # 4
Member
45659 posts
Honey Beekeeper
  • Wedding: November 1999

The penalty is often 3 months interest in Canada. Any financial institution can give you this information when you renew your mortgge.

If you use a mortgage broker, the fee is paid by the lender and the broker can find you the best mortage for your needs.

Post # 5
Member
10509 posts
Sugar Beekeeper
  • Wedding: January 2011

There are also mortgages that are portable.  It sounds like you need to sit down with someone and go over your options.  I agree with Julies, get a mortgage broker and they can help and show you all your options instead of what’s available at one institution.

Post # 6
Member
11284 posts
Sugar Beekeeper
  • Wedding: April 2012

first of all, you don’t have to lock in for another 5 years.  you can do as little as 6 months.  however, you can tranfer whatever is left on your mortgage to another property.  the only time that there is a penalty is if you cancel the mortgage (or pay it off completely) prior to the end of the term.

i would suggest to get whatever the best rate is for your mortgage renewal in march and then transfer it to your new bigger house whenever you get it.  is your husband’s name on the mortgage now?  if not, i would probably make that change when you renew your mortgage or buy a new home.

discuss your options with your financial institution. 

 

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