Breaking Your Mortgage
Breaking your mortgage is to opt out of your mortgage before the agreed upon term is finished. Banks and lending institutions will typically charge you the greater of two penalties: three (3) months interest or an IRD (Interest Rate Differential) penalty. Homeowners often break a mortgage to try and take advantage of lower interest rates in the market. A qualified mortgage agent can determine if breaking your mortgage is worth it for you. BACK TO BLOG FEED
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