Kanetix Forum

I am considering taking a little equity of our my home only in order to qualify for a 'Blend and Extend' rate as I believe interest rates will rise before my current mortgage is up. Is staying with the current institution the only way I can avoid paying a penalty? I have 20 mos left in my term.

The only way a penalty can be waived is by the financial institution. Look around to see if there is an interest rate that will offset your penalty through savings.

Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person¿s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.