Yet again a big bank mortgage penalty has made the news. In this case the CBC news. The thing is, you’re seeing this in the news maybe once a month or two, which is often. I’m seeing it almost daily and that’s no lie.
Just this week I started helping out a client, who not only renewed just recently in to a new TD term at .20% higher than market, she is now faced with a $7k penalty on a mere $157,000 balance. I showed her the example if she had used one of my lenders and the penalty would’ve have been roughly $1,175. BIG difference.