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I had spoken to my bank and gotten renewal offers and had almost gone ahead with renewing.
However, due to a myriad of changes in our family, mainly involving my father passing away, I have made the decision to sell my place. The mortgage remaining is $115K and I can pay that off.
Is it more prudent to do that if the plan is to hopefully have the place sold by the end of the year? Because if I renew a variable rate mortgage, the penalty for terminating the new mortgage early would be around $1000 (3 months interest $500 fee for cancelling mortgage in the first year).
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- 3 years ago
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