three months interest: Bank Penalties - 05/27/09 10:08 AM
When Rahim Moosa lost his job last October, he decided to sell the house he'd bought with his wife a year earlier. His lender, TD Canada Trust, said there would be an $8,000 penalty to break his five-year closed mortgage – an amount he found tolerable. "
 
By the time we sold in April 2009, TD Bank quoted us a doubled penalty of $18,000. Now, they are stating it will be approximately $25,000 upon closing in June," he says. Most mortgage contracts and renewal forms specify that clients seeking an early exit will pay either three months' interest or an … (1 comments)

 

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