The number one question I get asked by clients, " Why does the bank have the right to charge me (the consumer) such a high pre-penalty". The answer is simple, Because they can. Right now there is no law that say they cannot.
However, there are options available to consumers. They are called Mono Lenders. These type of Lenders pre-penalty is normally 2/3 less than the regular banks. The best part of Mono Lenders. Their rates are most of time, much lower than the regular banks.
Mono Lenders are usually available through Mortgage Brokers. Mortgage Brokers are, in most, part the best option available to give you the right mortgage. In Lethbridge, we are blessed with some mortgage brokers who have been in the business for over 30 years. They have seen the ups and down in the real estate market and their experience is a must. Plus most Mortgage brokers follow a professional standard that we call AMP. This professional standard makes sure that your mortgage broker is up to date on all the mortgage rules.
Lethbridge mortgage brokers are trained professionals who know mortgages....
You should call them today to see what they can do for you!
Vittorio Oliverio is owner of Centum Professional Mortgage Group Inc and has been a mortgage broker over 15 years.