Get CASH to break your fixed rate mortgage

If you are wondering about the recent drop in variable mortgages, there might be a great solution for you available.   Now, you can get some cash on closing day to help you cover some of the mortgage penalty you may be facing, if you break your fixed mortgage prematurely.

Here is what you can expect to receive on a cash back, if your mortgage balance is $300,000:

Mortgage Amount	$300,000.00
Mortgage Rate	120 day closing	Cashback on closing day
2.20	0.72%	$2,160.00
2.15	0.60%	$1,800.00
2.10	0.48%	$1,440.00
2.05	0.36%	$1,080.00
2.00	0.24%	$720.00
1.95	0.12%	$360.00
1.90	3.80%	$0.00
Illustration above is based on a $300,000 mortgage balance.
Mortgage rate listed here is effective on June 11, 2010
Note that mortgage rates are subject to change without notice This blog post was submitted by Elizabeth Blair on June 11, 2010.  Elizabeth is a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario.  Elizabeth services mortgage clients in Mississauga and all over the Greater Toronto area. You can contact Elizabeth directly by phone at (905) 510-5785 by email at eblair@mortgageedge.ca or you visit her websites at: http://www.missmortgage.ca http://www.burlington-mortgage.ca http://www.oakville-mortgage.com http://www.streetsville-mortgage.ca Elizabeth is licensed with the Financial Services Commission of Ontario and is also a Member of IMBA (the Independent Mortgage Brokers Association of Ontario) http://www.imba.ca Lic # M08005880 / Brokerage Lic # 10680 Head office is located at:  15 Wertheim Court, Suite 210, Richmond Hill, Ontario, Canada.