I am from Canada. I am a rookie to this forum. I am here to get your suggestions on how to protect myself against mortgage penalties.
My husband and I are planning for a divorce soon. We owned the house together. We are planning to sell it as we are not together anymore. We had signed a 5-year mortgage contract with our lender. Now situations are forcing me to break this contract early. We haven't discussed it with our lender yet.
I have read somewhere that If we have to break a mortgage contract early, we have to pay a charge to the lender as a mortgage penalty. Is that true? How much will I have to pay to the lender? I am financially not in good condition. How can I protect myself against mortgage penalties? My friend suggested that it would be better to get advice from a mortgage broker before doing this. Can anyone suggest me a good mortgage broker in Canada? Hope someone will help me.
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