CIBC IRD Penalty Example

$9700 CIBC Penalty Fee

I've talked to many clients about this kind of thing, but Imagine paying a $9700 penalty on a $200k mortgage. Here is an example from CIBC (This could be from any major bank, not just CIBC).

It may not be true, but sometimes it feels like the big banks make more money on penalty fees then they do from the actual mortgage.

If you are working with a broker or lender and all they discuss is the 'lower rate'.....RUN! You could be paying for that low rate with a penalty like this.

Click PDF for close up.