Closed Mortgage

A closed mortgage is one that you will incur monetary penalties should you cancel it prior to the end of its term. The penalties vary from program to program and bank to bank. Most banks will charge you a 3 month penalty or the difference in rate loss, whichever is greater, and some will charge you as high as a six month penalty

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.