Evermark Mortgage Group

Happy Mother's Day from the Evermark Mortgage Group Team!

It comes as a surprise to most people that their mortgage payout penalty is higher than they expected.
This certainly tends to be the case with some of the more mainstream lenders (ie:banks).

The calculation for an early payout can differ from lender to lender. They can calculate the payout based on posted rates, instead of the discounted rates. Some lenders will calculate a variable rate mortgage payout based on the prime rate, rather than what the current interest rate is after a discount. It's an extremely important detail to become aware of while you're looking for a home, since the average mortgage is typically paid out around year three. Please feel free to contact us at Evermark Mortgage Group if you have a question or concern about your mortgage.