Kind of odd that it wouldn't be portable. Also 10/10 prepayment is also unusual for Scotia. Scotia is a little different when porting as they don't do blended rates and would just add another component to your mortgage when you purchase a new home mid-term. Perhaps either you, or the person at Scotia misunderstood something, as the mortgage should still be portable.Emilio06 wrote: ↑May 18th, 2017 2:38 pmNo, but they offered a 2.35% 3 year fixed, same terms. The penalty fees on fixed rate mortgages really make me uncomfortable though.
So with a non-portable mortgage, if we ever sell and buy a new house, I'm stuck paying the penalty regardless if I stay with Scotiabank or go to another lender?
Providing the value of your property is under $1 million, there are lower variable rates out there with much better prepayment privileges and no 'odd' portability restrictions.
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