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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.