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Break the mortgage before term profitable despite the penalty?

Published on July 08, 2020 by MultiPrêts MR

Mortgage interest rates have declined significantly in recent years. In September 2009, it was possible to find in some institutions interest rate of 4% on a closed mortgage term of 5 years ... Never seen, but what about today?

In the current context, more and more homeowners are considering breaking their mortgage, even before term, to take advantage of interest rates decline. Their goal: to save on their monthly payments or pay off their home more quickly.

But beware, breaking the mortgage contract involves penalty fees...

Your mortgage broker can help you negotiate a mortgage that fits your needs at a favorable interest rate. Your broker will find the best rate for you and will help you calculate, what savings you might enjoy. He will also tell you if the exercise is profitable or not for you.

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