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Answered in 23 hours by:
2/19/2009
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedThat is entirely a contractual matter between you and the lending institution. When the bank issued the mortgage, you agreed to abide by certain charge terms. There may have been additional terms as well. Some of those terms would have addressed pre-payment of the mortgage. Most lenders do include such prepayment penalties.
However, often times, if you are re-purchasing another home and are going to be negotiating another mortgage with the same bank, you may be able to negotiate with them whereby they will not charge you with the penalty. Particularly if you threaten to go elsewhere for your new mortgage, they will often times waive the penalty to keep you as a client.
Hope this helps.
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