Tuesday, April 14, 2009

Intererst Rate Penalties

With mortgage rates now at historic low levels. Mortgage holders are now finding out about IRD penalties that the banks are charging. This is the loss of interest that the bank will be losing for the balance of the mortgage term that you are currently in. I would recomend that before looking at selling or refiancing, request a mortgage payout satement. This will quote your penalty and will also alow the penalty to not increase for 10-30 days depending on the lenders policy.

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