{"id":1065,"date":"2025-06-23T15:57:27","date_gmt":"2025-06-23T20:57:27","guid":{"rendered":"https:\/\/saintlohypotheques.com\/2025\/06\/23\/breaking-a-fixed-rate-mortgage-can-be-expensive\/"},"modified":"2025-10-15T09:31:12","modified_gmt":"2025-10-15T14:31:12","slug":"breaking-a-fixed-rate-mortgage-can-be-expensive","status":"publish","type":"post","link":"https:\/\/saintlohypotheques.com\/en\/2025\/06\/23\/breaking-a-fixed-rate-mortgage-can-be-expensive\/","title":{"rendered":"Breaking a Fixed-Rate Mortgage Can Be Expensive"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_heading title=&#8221; Breaking a fixed-rate mortgage can be costly\u2026 very costly. And it\u2019s no accident. &#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; title_level=&#8221;h2&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;df3d6a9b-89b3-4b9f-987c-fd972b1c9305&#8243; text_font=&#8221;Lato||||||||&#8221; text_text_color=&#8221;#616c78&#8243; header_font=&#8221;Lato||||||||&#8221; header_text_color=&#8221;#616c78&#8243; header_font_size=&#8221;16px&#8221; header_line_height=&#8221;1.8em&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||1px|||&#8221; text_font_size_tablet=&#8221;&#8221; text_font_size_phone=&#8221;&#8221; text_font_size_last_edited=&#8221;on|tablet&#8221; header_font_size_tablet=&#8221;15px&#8221; header_font_size_phone=&#8221;14px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"font-weight: 400;\">In today\u2019s post, we demystify penalties on fixed-rate mortgages in Canada: how they\u2019re calculated, why they vary so much, and most importantly\u2026 why some banks seem to be rubbing their hands with glee.<\/p>\n<p style=\"font-weight: 400;\">\n<p>[\/et_pb_text][et_pb_heading title=&#8221;Why It Matters&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; title_level=&#8221;h2&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;df3d6a9b-89b3-4b9f-987c-fd972b1c9305&#8243; text_font=&#8221;Lato||||||||&#8221; text_text_color=&#8221;#616c78&#8243; header_font=&#8221;Lato||||||||&#8221; header_text_color=&#8221;#616c78&#8243; header_font_size=&#8221;16px&#8221; header_line_height=&#8221;1.8em&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||1px|||&#8221; text_font_size_tablet=&#8221;&#8221; text_font_size_phone=&#8221;&#8221; text_font_size_last_edited=&#8221;on|tablet&#8221; header_font_size_tablet=&#8221;15px&#8221; header_font_size_phone=&#8221;14px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"font-weight: 400;\">A simple clause in the fine print can cost you thousands of dollars if you need to break your term early. And even though no one plans to break their mortgage, more than <span> <\/span><strong>1 in 3 borrowers<\/strong><span> <\/span>ends up doing it.<\/p>\n<p style=\"font-weight: 400;\">Here\u2019s a concrete example:<br \/>For a $250,000 5-year fixed mortgage broken after 3 years, the penalty difference between calculation methods can range from $6,500 to over $8,000.<span> <\/span><\/p>\n<p style=\"font-weight: 400;\">Contract Jargon: \u201c3 Months\u2019 Interest OR Interest Rate Differential (IRD)\u201d<br \/>All banks mention this rule, but the real difference is in how they calculate the IRD.<\/p>\n<ol>\n<li style=\"font-weight: 400;\"><strong><span><\/span><\/strong><strong><span><\/span>Standard Method (Fair)<\/strong><\/li>\n<\/ol>\n<p style=\"font-weight: 400;\">Your contracted rate is compared to the current fixed rate for the remaining term.<br \/>Example:<\/p>\n<ul style=\"font-weight: 400;\">\n<li>Starting rate: 1.84%<\/li>\n<li>Current 2-year rate: 1.79%<\/li>\n<li>Difference = 0.05%<br \/>Result: A penalty of about $250.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">But since three months\u2019 interest costs roughly $1,150, that\u2019s the amount you\u2019ll actually pay.<\/p>\n<ol start=\"2\">\n<li style=\"font-weight: 400;\"><strong><span><\/span><\/strong><strong><span><\/span>Discounted Rate Method (RBC, BMO, TD, Scotiabank, National Bank, Desjardins)<\/strong><\/li>\n<\/ol>\n<p style=\"font-weight: 400;\">This method is much less favorable for borrowers.<br \/>Banks take your contracted rate, subtract the original discount, and compare it to the current posted rate.<\/p>\n<p style=\"font-weight: 400;\">Result? The penalty can jump to <span> <\/span><strong>over $6,500 in the same scenario.<\/strong><span> <\/span>in the same scenario.<\/p>\n<ol start=\"3\">\n<li style=\"font-weight: 400;\"><strong><span><\/span><\/strong><strong><span><\/span>Posted Rate Method (CIBC)<\/strong><\/li>\n<\/ol>\n<p style=\"font-weight: 400;\">This is essentially the \u201chammer\u201d option.<br \/> CIBC compares the posted rate at the time you signed with the current posted rate for the remaining term.<\/p>\n<p style=\"font-weight: 400;\">Result: An even higher penalty, since posted rates are always higher than the rates actually offered.<strong><\/strong><\/p>\n<p>[\/et_pb_text][et_pb_heading title=&#8221;Why These Methods Are Problematic?&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; title_level=&#8221;h2&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;df3d6a9b-89b3-4b9f-987c-fd972b1c9305&#8243; text_font=&#8221;Lato||||||||&#8221; text_text_color=&#8221;#616c78&#8243; header_font=&#8221;Lato||||||||&#8221; header_text_color=&#8221;#616c78&#8243; header_font_size=&#8221;16px&#8221; header_line_height=&#8221;1.8em&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;||1px|||&#8221; text_font_size_tablet=&#8221;&#8221; text_font_size_phone=&#8221;&#8221; text_font_size_last_edited=&#8221;on|tablet&#8221; header_font_size_tablet=&#8221;15px&#8221; header_font_size_phone=&#8221;14px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"font-weight: 400;\">Because they\u2019re biased.<\/p>\n<p style=\"font-weight: 400;\">Big banks apply calculations that artificially inflate penalties\u2026 and most consumers don\u2019t even realize it.<span> <\/span><\/p>\n<p style=\"font-weight: 400;\">Mortgage penalties aren\u2019t illegitimate\u2014they compensate for breaking a contract\u2014but they should be fair and transparent.<\/p>\n<p style=\"font-weight: 400;\"><span> <\/span><strong>While waiting for better regulation, knowledge is your best defense:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\">Ask questions before signing a fixed-rate mortgage.<\/li>\n<li style=\"font-weight: 400;\">Compare penalty calculation methods.<\/li>\n<li style=\"font-weight: 400;\">And most importantly, don\u2019t blindly trust the big banks.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Because in the world of mortgages, if it\u2019s written in the fine print, there\u2019s probably a reason for it.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;df3d6a9b-89b3-4b9f-987c-fd972b1c9305&#8243; text_font=&#8221;Lato||||||||&#8221; text_text_color=&#8221;#616c78&#8243; text_font_size=&#8221;12px&#8221; header_font=&#8221;Lato||||||||&#8221; header_text_color=&#8221;#616c78&#8243; header_font_size=&#8221;16px&#8221; header_line_height=&#8221;1.8em&#8221; custom_margin=&#8221;||10px||false|false&#8221; custom_padding=&#8221;30px||0px|||&#8221; text_font_size_tablet=&#8221;&#8221; text_font_size_phone=&#8221;&#8221; text_font_size_last_edited=&#8221;on|tablet&#8221; header_font_size_tablet=&#8221;15px&#8221; header_font_size_phone=&#8221;14px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Note: For a personalized strategy, it\u2019s essential to work with your mortgage broker and financial advisor, as every situation is unique and must be handled on a case-by-case basis.<br \/>Note 2: If you don\u2019t have a financial planner, financial advisor, or insurance advisor, give us a call \u2014 we know the best!<br \/><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; 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We\u2019ll get back to you as soon as possible. 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A simple clause in the fine print can cost you thousands of dollars if you need to break your term early. And [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1064,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[32],"tags":[],"class_list":["post-1065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blogue - Breaking a Fixed-Rate Mortgage Can Be Expensive<\/title>\n<meta name=\"description\" content=\"Breaking a fixed-rate mortgage can be costly. 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