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Prepayment Penalty

Tuesday, 27 October 2020 / Published in

Prepayment Penalty

The penalty you have to pay if you break your mortgage term early. If you have a fixed rate mortgage term, your penalty is the greater of three months’ interest or the interest rate differential. If you have a variable rate mortgage term, your penalty is just three months’ interest unless otherwise stated in the mortgage contract.

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Prairie West Mortgage Group Inc. provides advice and solutions for clients wishing to acquire new mortgages with competitive market rates. Products range from mortgages, lines-of-credit and mortgage life & disability insurance plans. We are a mortgage solutions team powered by Axiom Mortgage Solutions.

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