SMP: Theresa's Soap Box -- Mortgage Penalties

Today I am here to chat about mortgage penalties. Why I'm having a lot more questions about mortgage penalties from clients in the past couple of months. What is the normal mortgage penalty range? What could you expect? Also, will it be worth it for you to cancel your current mortgage, pay the penalty, and get something at today's lower rate.

1. How come mortgage penalties seem to be coming up in the news?

You may have heard your friends and family talking about this. That's because interest rates have remained so low for such a long time so a lot of people thought that interest rates were going to be rising back up over the past years and the economic situation just hasn't allowed that. Interest rates are still super low and people are finding that it's a great time to be refinancing or to be switching out your mortgage if you've got higher interest rate of 4 or 5% and you're looking at today's interest rates at 2 or 3% and thinking "why am I paying 2% extra"


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