How are Mortgage Penalties Calculated?

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How is How are Mortgage Penalties Calculated?

How are Mortgage Penalties Calculated? Tube. Duration : 3.10 Mins.

We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Today Mortgage Rates . mortgagelocator.ca In this video I look at the way that MOST banks calculate penalties (there are a couple exceptions) and explain how fixed and variable differ as well as how IRD or Interest Rate Differential is calculated. Hi, everybody. It's Rowan Smith from the Mortgage Centre. I wanted to address penalties, and interest rate differentials, and three month interest penalties and how it all works today in this blog. I'm getting a lot of inquiries about it. There's some confusion as to why rates have gone up and penalties have gone down. Well, let's look at the standard mortgage terms. For variable rates mortgages, most institutions, the way that it's going to work is if you break the term at some point during any time; now most variables are five year terms, but some of them are three years. That means that during that period of time, your discount or your premium on your rate will not change. For example, if your rate was prime rate plus a quarter, for five years you would always be prime plus a quarter regardless of where prime went. Up or down, you would follow it with a quarter percent. You're guaranteed that, so should banks go with prime plus a half or prime plus one, you're still guaranteed to retain the prime plus a quarter throughout that five year term. In exchange for that security, if you break that term, that five-year term, to sell your house, or you need to refinance, take equity out and end up doing it with a different lender, you're going to pay a ...

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