Scotiabank Penalty…Mortgage Equity Killer

When shopping for a mortgage, the majority of consumers ask one question, what is your best rate? True, some ask questions beyond rate, as they should, and today I’m going to help the majority look beyond rate. What if you obtained the lowest possible 5 year fixed rate on day one but two years later the penalty is ten’s of thousands of dollars? Did you really get a great deal? Let’s investigate… Let’s take a mortgage balance of $375,500 and a 5 year fixed interest rate of 3.49%, which you have had for the past two years. And for whatever reason you have decided to…