Can I avoid paying penalties to refinance my loan?
Penalties (if any) will result from your existing loan contracts.
The most common penalties
- Early repayment fee, i.e. the economic cost recovery of your loan.
- Deferred establishment fee.
- Repayment of incentives which are triggered by an early repayment of your loan.
Some other costs of repaying or refinancing a loan will be unavoidable.
The most common
- Land transfer office fees to discharge and/or register the mortgage. Estimate $300.
- Legal costs associated with the mortgage refinance. Estimate $700.
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