What to do if your mortgage deferrals are almost over and you can’t pay But if the pandemic has tickled your appetite for a bigger home or a gateway far away from the city and its mask-wearing crowd, take a moment to review your current mortgage, several mortgage brokers warn.Breaking your mortgage could cost you up to tens of thousands of dollars these days.
In fact, mortgage broker Robert McLister says he’s seen penalties on fixed-rate mortgages as high as $99,000.Penalties are meant to compensate lenders, says McLister, who is mortgage editor at Rates.ca and founder of mortgage rate comparison site RateSpy.com.