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Debra
Debra, Lawyer
Category: Canada Law
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Experience:  Lawyer
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Mortgage amount: $175,000 - variable rate mortgage at 2.2% -

Customer Question

Mortgage amount: $175,000 - variable rate mortgage at 2.2% - Term 5 years closed - (amortized over 30 years); monthly payment of approx. $660.
Question: what is the $ penalty, if, for instance, the property is sold within 3 to 6 months of obtaining the mortgage?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

I am sorry that this question has sat for so long. Undoubtedly, that is because no one can provide you with an accurate answer to your question.

The answer is somewhere in the mortgage documents. When your friend signed the legal documents at the bank there is no doubt that part of this was an agreement about what would happen if he wanted to sell his house earlier. There will likely be some penalty but I cannot possibly know what that is.

He has to contact the bank and ask.

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