One of the ways to reduce the Sting penalty is to be a lump sum before dumping are stocked their mortgage. This reduces the balance on which the penalty is calculated.
The problem is that people often not wads of cash floating make are stocked.
One of the solutions is to borrow funds for a short period of time – it is from the family, a line of credit (ULOC), or where it is.
This is where the banks have an advantage over many brokers. Banks often arrange unsecured credit lines for mortgage customers, whereas most brokers do not.
This can be changed, however. We hear of two banks, working on distribution of unsecured credit lines in the broker channel. This will be a victory for brokers and to save them from having to assign ULOCs bank branches (which have a funny way to compete with brokers for mortgage business).
On a separate note last Friday, we came across a new loan payment service. It is a new company aimed at loan that money to make are stocked. In return, takes part of your savings of punishment. We see a small outfit, offers this type before, but this new company must make the concept of payment loan more mainstream.
We will report on these new offers in detail once the information is made public ...
Bar: if you plan to submit pre-payment will reduce his fine, ask your lender how far ahead you need to do so. At least you'll want to save are stocked before the lender to request a report on the discharge.
Also remember: in some cases, lenders do not allow pre-payment will not count towards reducing sanctions in case of pre-payment will within 30 days of release.
Rob McLister, THIS YEAR'S CMT MUSIC
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