26 Jun

Mortgage Penalties

General

Posted by: Bonnie Hudson

Penalties being charged at the Banks can be very high compared to other Mortgage Lenders.  When the banks discount the mortgage rate and you break the mortgage before that term expires, they will charge a penalty as well as claw back the discount.  It’s in the fine print of the mortgage but never brought to the consumer’s attention.  This can result in loss of equity for your next purchase.  Knowledge is Power!