Penalties for seling and paying out Mortgage? - Beyond.ca - Car Forums
Results 1 to 3 of 3

Thread: Penalties for seling and paying out Mortgage?

  1. #1
    Join Date
    Apr 2003
    My Ride
    1988 T-Bird Sport
    Rep Power

    Default Penalties for seling and paying out Mortgage?

    I have the oppurtunity to capatilize on the current calgary market, but have a few questions. If I were to sell my house right now current market value would be more than double (almost triple) what I owe on it. What kind of penalty would you pay if you did not take another mortgage? I already own 5 acres with a mobile home in BC( I owe nothing on this property), and would likely cash out, move there and pile the excess into RRSP's. What is the best approach, I figure I should come out 100- 150K on top, I would likely put 25-50K into the other property and invest the remainder.

  2. #2
    Join Date
    May 2002
    My Ride
    BMW E70
    Rep Power


    For your mortgage you would have the interest differential or 3 months mortgage payments, which ever is more. Try calling your lender, they will be able to give you the exact amount of the mortgage payout penalty. You would also have legal fee's ($750 - $1000 depending on the lawyer) and real estate fee's if you went that route. You may need a Real Property Report, depending on what has changed since you have been in your home. Costs of an RPR are about $500.

  3. #3
    Join Date
    Jan 2006
    My Ride
    Axis powers
    Rep Power


    it shoud all be listed in ur mortgage agreement. from what i have seen u could pay up to 10k in fees but coming out 150k+ could justify it
    Sig nuked by mod.

Similar Threads

  1. bank or mortgage broker for a mortgage?

    By lint in forum Real Estate / Finance
    Replies: 34
    Latest Threads: 07-25-2006, 07:24 AM
  2. Stiffer street raceing penalties comming *MERGED*

    By Charon in forum General Car/Bike Talk
    Replies: 5
    Latest Threads: 05-25-2006, 04:12 PM
  3. Mortgage and Student Loan Question

    By 2.2vtec in forum Real Estate / Finance
    Replies: 4
    Latest Threads: 04-10-2006, 09:24 AM
  4. seling a few things

    By Proyecto2000 in forum Miscellaneous Buy/Sell/Trade
    Replies: 0
    Latest Threads: 06-23-2004, 10:21 PM
  5. Cops cracking down?, penalties increased!

    By Hollywood in forum General Car/Bike Talk
    Replies: 36
    Latest Threads: 03-28-2003, 08:03 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts