Mor tgage Penalties & How to Avoid
ď‚— No doubt, it is not considered good but it is true that penalty is a
big source of income for the mortgage brokers. ď‚— Penalties applied by the brokers create huge amounts. With the
decrease in mortgage rates, a mixed trend of penalty has emerged. The people who were using mortgage at high costs or rates are taking quick actions to break the mortgage plans in order to get the new one. New mortgage plan with lowest rates is more economical for them.
 Penalties are confirmed for these users but they don’t care. On
the other hand, it is difficult to apply penalties on the customers who have obtained the mortgage plan recently. Canadian mortgage rates are good so far, so the penalty might not matter. Definitely, the customers will pay with lowest rates so there are less chances of any type of problem. ď‚— They will not think about the mortgage breaking and delayed
installments.