Mahid Syed - Real Estate Services

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.



The content provided is for informational purposes only and is based on information available at the time during which it was created. No recommendations are express or implied either directly or indirectly. Do not rely on this content to make business or financial decisions or decisions otherwise. Always consult with a professional to seek advice relevant to your individual situation. Not intended to solicit contracted clients.

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