Did you Know?

Did you know that most banks/lenders will charge a partial penalty if you downsize your closed mortgage during your contract term?

It's the same concept if you tried to pre-pay more than what you were allowed towards your mortgage each year. You prepay too much and there will be a penalty. You downsize the mortgage owing and a penalty will be charged - how much varies by each bank or lender.

It pays to know the ins and outs of your mortgage, so be sure to speak with your Bob Hanscom Mortgage Agency mortgage advisor if you run into this situation.