CIBC IRD Penalty Example - $9700 on $200k Mortgage

$9700 CIBC Penalty Fee

Imagine paying a $9700 penalty on a $200k mortgage. Here is an example from CIBC.

I'd almost say that 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.

Of course there are some of my clients who's only choice is to use a bank, however, 90% or more of my clients are using non-bank lenders for this very reason.