Avoiding a penalty fee

Are you looking to sell your property while your mortgage contract is still running ? If you havnt done it yet, we strongly recommend to get quickly in touch with your lender in order to know the early termination terms.

In most cases, early termination fees will be charged to the seller.

How to avoid an early termination fee ?

If you havnt sign an alternative mortgage loan contract, here are a few ways to avoid the fees :

• The buyers of your property take on your existing mortgage loan. In that case, the buyers income qualification will need to meet the lender’s financing policy
• Rent your property up until the end of the mortgage contract
• Transfer your current mortgage to the new property you are buying. In that case, the new acquisition must happen around the same time as the selling of the existing one