Mortgage Release Fees
Mortgage release fees are the charges associate with cancelling, switching or moving your mortgage. These costs include staff, legal and admin costs. There can be government fees as well as the lender's fees. Mortgage release fees are often called Mortgage Exit Fees.
There has been concern recently that mortgage release fees vary greatly and the Federal Government is currently reviewing the fees.
Lenders often charge fees for paying off the mortgage early, to recoup the costs that would have been recovered had the mortgage continued on longer.
When entering into a loan contract make sure you are aware of all the fees that might be charged to you should you either repay early or move your mortgage.
Don't get caught out with unnecessary fees and charges. Talk to Your Local Finance Broker today and stay informed.
Found in: Article (591), Section (13)
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