BEWARE: Mortgage Break Fee Ahead !!!
BEFORE you sign any Home Mortgage Contract, Ask this one question ; "What's the Break Penalty Fee?"
If the Banker tells you in that gentile tone they use, "Oh sir well its "Interest rate Differential." DON"T SIGN IT !!!
Many banks have turned to "INTEREST RATE DIFFERENTIAL PENALTIES" to increase profits.
How is a billion dollars a year not enough profit? Outrageous.
Interest Rate Differential penalties used to be exclusively reserved for Commercial Mortgages but more and more the Big Banks are writing this penalty structure into FIXED RATE Residential Mortgages (does not apply to Variable Mortgages).
Click this link for more details and the best Mortgage advice by my Good Friend and Mortgage Broker Extraordinaire Robert Klein.
Happy House Hunting!