... fixed we have on offer is 5.5% (3 year term). assume we break this mortgage 2 years from now and 3-year term posted rate is 4.9%, what will be the IRD? and how will this be calculated? If there are any other considerations, pls point out as the bank told us that all other terms will pretty much ...
May 19th, 2023 8:26 pm
Is there any lender that DOESN'T use IRD for breaking a fixed mortgage? I heard there are some fair penalty lenders, but when I googled some, they all use IRD, so I am not sure how that is fair penalty. I guess it's fair, since it's the norm, ...
Mar 21st, 2023 10:17 pm
Is there any lender that DOESN'T use IRD for breaking a fixed mortgage? I heard there are some fair penalty lenders, but when I googled some, they all use IRD, so I am not sure how that is fair penalty. I guess it's fair, since it's the norm, ...
Mar 21st, 2023 10:16 pm
... advisor over there and asked what would be the penalty if I went with 5 year flex variable and he said it’s either 3 month interest penalty or ird(interest rate differential)… I always thought variable would be only 3 month interest penalty or am I wrong? Or is he wrong? Can I sign say with ...
Aug 21st, 2021 5:07 am
Currently have 17 months left on my mortgage with Meridian. Will they use a 1-year mortgage term or 2-year as a “similar mortgage” for IRD purposes.
Apr 21st, 2021 10:58 pm
Does a mortgage penalty decrease over the term of the loan? The reason I ask is that I was quoted a penalty in July 2020 and upon inquiring today, I was quoted a similar amount.
Mar 5th, 2021 5:26 pm
... to require more transparency about mortgage penalty regulation. A 2010 study by the Quebec Federation of Real Estate Boards found that the IRD penalty for breaking a fixed-rate mortgage was often 200 per cent higher than the actual loss incurred by the bank. The author of the study says ...
Jan 21st, 2021 1:45 pm
Hello, I am paying off a mortgage early and just received a statement of payout from a big5 bank. The early termination penalty and IRD calculation is about $16,000. That's way higher than the 3 month interest penalty I was preparing for. Question to the group: Is there any way to reduce ...
Nov 25th, 2020 4:27 pm
My mortgage states if I cancel my mortgage I pay either 3 months interest, or the interest rate differential (IRD). The IRD happens to be about 3x higher than 3 months of interest. Just curious, has anyone here moved or cancelled mortgages before and were able to negotiate the ...
Nov 14th, 2020 3:38 pm
Anyone know how to calculate Interest Rate Differential for CIBC on a ported mortgage? Had 2.69% 5 years closed, 1 year into term sold property and ported mortgage making the balance about 100,000 higher with 4 years closed now interest rate however is at 3.5%....the penalty to break the mortgage be...
Aug 26th, 2020 3:41 pm
I got an offer from current lender for renewing my home mortgage: 2.64% for 5-yr fixed - Repayment penalty will be 3 month interest or IRD, whichever is greater; 2.59% for 5-yr low rate basic fixed - Repayment penalty is 3% of balance. Anything else are the same. I heard that IRD is tricky ...
Feb 16th, 2020 9:35 pm
Hi. I used to work in mortgage admin many years ago. This was before the gov't required banks to better disclose the details of mortgage penalties in the mortgage commitment. My friend's brother recently renewed their mortgage on a 5 year fixed closed but after a few months, circumstances in life ch...
Mar 15th, 2017 2:31 pm
... At the time of breaking a mortgage (5 year fixed), my bank said that either greater of three months interest or the Interest Rate Differential (IRD) is calculated and considered as penalty. I want to understand how IRD is calculated if my current mortgage rate (and posted mortgage rate) is lower ...
Nov 16th, 2014 8:24 pm
I'm renewing my mortgage aiming for a 5-yr 3.8 % variable open mortgage because I wanted to keep flexibility. Canada Bank Prime Lending Rate currently at 3% at time of writing. ScotiaBank came at me with the offer of a 2.89% 2-year fixed closed mortgage, but offered this on the subject of cancellati...
Jul 18th, 2013 3:20 pm
... we are on a 5 year 4.99 rate(first national), buying a new house, switching to a 5 year 3.5ish rate through BMO We asked yesterday how much the IRD fee would be to cancel, they said 5,110. Then they said since we are cancecling in January, which would leave 2 years 11 months left owing, they ...
Oct 14th, 2010 11:36 am
...and is there some way to reduce this amount? I bought 2 years ago when rates were higher and locked into a 5 year term (bad move, learning the hard way as a first time home buyer). I'm thinking of selling, or if I don't sell I wanted to move to a lower rate. Mortgage through PC/CIBC. I was told i...
Mar 1st, 2010 8:31 pm
per http://www.redflagdeals.com/forums/showthread.php?t=350650 i am starting a thread on the current mortgage rates for Open Variable Closed Variabe Fixed Fixed Rate Cashback help out fellow RFD'ers - let us know where and what the best rates are! :) edit: Toronto Star's official daily mortgage rate...
Oct 12th, 2006 5:38 pm