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What penalty does Scotiabank charge for breaking a mortgage?

blackguy_56 asked:


I’m thinking about breaking my mortgage with Scotiabank to get a better rate somewhere else (and hopefully lower payments) anyone have any idea how much Scotiabank charges as a penalty for breaking a 5 year closed mortgage 2 years early?
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This entry was posted on Tuesday, April 13th, 2010 at 6:54 pm and is filed under Renting & Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “What penalty does Scotiabank charge for breaking a mortgage?”

  1. Sharon T Says:
    April 16th, 2010 at 1:58 pm

    That will be specified in the note or mortgage. Read your loan documents carefully.

    Sometimes you can renegotiate directly with the lender to reduce the prepayment penalty.

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