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2016 | 30 / Thursday, January MILTON CANADIAN CHAMPION www.insidehaliton.com Breaking a mortgage can cost more than you expect Thinking of breaking your current mortgage before the end of its term to take advantage of lower interest rates elseâ€" where? Many Canadians believe their current lender can only charge three months‘ interestâ€"usually just a few thousand dollarsâ€"to break an existing mortgage That‘s not necessarily the case, and far too many homeâ€" owners who have broken their mortgage contracts have been shocked by penalties amounting to tens of thousands of dol lars All homeowners want the best mortgage interest rate available, so switching lenders to improve your rate can be very attractive," says Lucie Tedesco, commissioner of the Fi nancial Consumer Agency of Canada. "But proceed with cau tion before you switch lenders." "It‘s important to recognize that a mortgage is a binding contract. If you want out of one mortgage to switch to anothâ€" er, the penalties and fees for doing so could drastically reduce (in some instances) the financial benefit of the new rate. You can avoid nasty surprises by reading your mortgage contract and talking to your current mortgage lender before deciding to switch." Mortgage penalties Your contract may provide for a prepayment penalty of just three months‘ interest or it may specify a very different calcuâ€" lation. Many mortgage contracts give the lender the option of charging you an amount very close to what you would have paid in total interest if you had kept your mortgage to the end of the term. This amount can potentially be significantly greatâ€" er than three months‘ interest. Remember, there may also be other costs associated with switching a mortgage, such as legal, appraisal, administrative and other fees. THINKING ABOUT BUYING YOUR DREAM ® HOMEâ€"°* OR SELLING YOUR CURRENT PROPERTY. NOW‘S THE TIME FOR ACTIONI! Protect your largest investment by teaming up with a Local Real Estate Professional who has been listing and selling real estate in the area for over 26 years. Let me put my negotiation skills to work for you CALL ME FOR A COMPLIMENTARY MARKET ANALYSIS! SELLING MILTON. Sandy Matthow e Del Papa sos.ats.s101 CP_*"**" + § ACCREDITED s fauf® BCO OO T se o f FOR LEASE AM sTaqimg* Backing Onto The Pond in Village Renovated 3 Bedroom Semi hets Kitchen ) Car Parang WWW.SELLINGMILTON.CA Understand your mortgage Every mortgage contract contains different terms and condiâ€" tions. Federally regulated financial institutions are required to provide key information in a box at the beginning of your mortgage agreement, including information about prepayâ€" ment privileges and charges. Banks must also include in mortgage documents a tollâ€"free number you can call to speak to a knowledgeable person for detailed information on prepayment penalties. As a consumer, you have the responsibility to read your mortgage agreement. If you want to switch to another lender and you do not understand the cost of paying off your mortâ€" gage early, visit your banker, ask questions, get answers and make an informed decision. More information is available at itpaystoknow.gc.ca. www.newscanada.com T Douqg Howden" BOW( ROYAL LaPAGE . ]? | Let me put a soid sign on your lawn, too! If you are mm ROYAL LePAGE ENNNA Mceadowtowne Realty »=â€"â€"» C( ols milton . meadowtowne.con 905â€"878â€"8101 475 MAIN ST. E., MILTON Sabes Representative Direct (905) 699â€"2477 Ofhce (905) 878â€"8101 erikabird@royallepage.ca Your fiyer can be delivered to the exact demographics you want to reach We can aistribute as few as 1,000 fiyers or ‘ total market coverage of 27,700 househoids "’-J *Minimum order is $50 per 1,000 fyers or 05e per sheet