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Beware of High Penalties for Breaking Your Mortgage Agreement

Blog by Ian Watt | October 5th, 2009

Vancouver Condo Real Estate Video Blog #417 - October 5, 2009

Beware of High Penalties for Breaking Your Mortgage Agreement

Ian Watt Video blogs about how some banks under some contracts can charge you months of hidden penalty fees should you break your original mortgage contract. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Afternoon, it's Ian Watt in Downtown Vancouver. A lot of people are kinda upgrading their places right now.Mortgage money,mortgage rates.The cost of boring money, is so cheap right now.That a lot of people are selling their places and buying something that's little bit bigger but keep in mind that if you break your five year commitment.In your mortgage if your on a five year fix or something like that the fees,the penalties you could pay are astronomical and you never actually know them until you dig deep and call your bank. So don't assume that they're just gonna ding you for a little bit. Some of them I've seen like fifteen, twenty thousand dollars so far. So make sure your looking to that before you sell your place. If you have any questions contact your bank or you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!