In March 2012, the Government and Financial Consumer Agency of Canada announced the new proposal on how to disclose the mortgage pre-payment penalty.
Initially, reactions from the lenders were a bit confusing. Now, it is taking a proper shape.
Some lenders are already clearly explaining how this penalty will be calculated in case of a early payout of the mortgage.
As a borrower you should look at those calculations carefully with some different scenarios. Prior to locking in a closed term fixed rate mortgage – that would be good to know exercise.
