Matt Imhoff

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With interest rates changing as much as they have this past year, I receive a lot of people who reach out asking about their mortgage penalty and how the Bank/Lender calculates these penalties. If you have a Fixed Rate Mortgage with a Bank or a Credit Union then most likely a Posted Rate was assigned to your mortgage when it was approved. From there they apply a discount to give you the interest rate you are paying on your mortgage. Posted Rate: Used primarily to determine y...our Interest Rate Differential - AKA - your Mortgage Prepayment Penalty. Discount Rate: The interest rate you pay on the mortgage funds that you have borrowed. With Fixed Rate Mortgages we tend to see "your penalty is the greater of 3 months' interest or the Interest Rate Differential". Factors that could cause your prepayment charge to change: 1) Your mortgage is renewed to a new term or the balance of your mortgage changes. - New term would mean a new Posted Rate is assigned to your mortgage. - If you balance decreases then your penalty would decrease. 2) You have a fixed rate mortgage and the factors for calculating Interest Rate Differential change. - Posted interest rates change. If posted interest rates decrease, the Interest Rate Differential amount increases. - The larger the difference between the Posted Rates the larger your penalty will be. 3) The remaining term of your mortgage changes. For example, a 4 year comparison term on the day your prepayment charge is estimated, over time shortens to a 3 year comparison term. The comparison term interest rate decreases, therefore the Interest Rate Differential amount increases. - One month the closest comparable Posted Rate could be the 4 Year, the next month it could be the 3 Year. Typically Posted Rates decrease as you go from the 10 Year to the 1 Year. Example: TD Bank Posted Rates as of January 14th 2021 10 Year Fixed Closed - 5.60% 7 Year Fixed Closed - 5.35% 6 Year Fixed Closed - 5.24% 5 Year Fixed Closed - 4.59% 4 Year Fixed Closed - 3.74% 3 Year Fixed Closed - 3.49% 2 Year Fixed Closed - 2.94% 1 Year Fixed Closed - 2.79% Mortgages can be complicated and misunderstanding the terms and conditions can be costly. If you have any questions at all, please do not hesitate to contact me. Matt Imhoff Mortgage Broker Mortgages.ca [email protected] 250-216-4215

One call can give you access to tons of lending options you can’t get on your own. From major banks to private lenders and credit unions, using a mortgage broker gives you access to all of them. Contact me for a free consultation.

A lot has gone on this year in the mortgage market. We have had everything from rate drops to deferrals to restrictions come at us and your personal situation may have changed. As the year comes to an end, if you have not made time for your annual mortgage check-up, now is the time! Send me a message and we can review your situation, free of charge, to ensure you are getting the mortgage that’s right for you.

To best meet your needs, mortgage brokers like myself, have a wide array of products to choose from banks, private sources, independent lenders, etc. If you are in the mortgage market, we should talk. Whether you are looking to explore your options or get a second opinion, the lending options available could save you thousands!

If you are a homeowner and struggling with high-interest debt payments, we should talk. It may make sense for you to refinance and access the equity in your home to pay off your high-interest debt. Your mortgage is typically the lowest interest rate to borrow money. Refinancing to pay off high-interest debt and lumping everything into your mortgage payment could free up extra cash each month by saving you on interest. Send us a message and we can see what's available to you.