Guides
Two short reads on the rules behind a prepayment penalty. Each one cites the page or statute it relies on.
How the interest rate differential is worked out
The two rates behind an IRD, the options FCAC lists for each, and how to check the figure your lender quotes.
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The Interest Act's five-year rule
What section 10 of the federal Interest Act says about paying off a mortgage after five years, who it excludes, and how it relates to a penalty in your contract.
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