05/29/2025
Refinancing sounds smart — especially if rates have dropped. But if you’re doing it before your term is up, expect penalties.
📉 Variable-rate mortgage? You’ll likely pay three months’ interest.
📈 Fixed-rate mortgage? You’re looking at the higher of three months’ interest OR the interest rate differential (IRD) — and that can be a big number.
💰 On top of that, add:
Legal fees – around $1,000
Discharge fees – $250 to $400
Appraisal fees – $300 to $1,000 if you're tapping equity
But here's the pro tip:
🔁 If you refinance at the time of renewal, most of these penalties vanish. And some lenders will even cover your fees if your mortgage is over $200K.
Considering refinancing? Don’t make a move without expert advice.
DM me “Mortgage Review” and let’s see if you can save — without breaking the bank.
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