Mortagage penality question

[波波斯基茶壶]

To sell my house, my mortagage bank tells me I have to 6800$ penalty, I have a five year fixed 4.5 from last July, is it normal, is there any way to reduce the penality, thanks

 

[笑傲江湖]

咦.现在的房贷不都是可以带着去买个新房或转让给买你房子的人么?

 

[yuchen_zh]

depends on when you are going to sell your house.

I just sold my house one month ago. I had a penalty by breaking the mortgage. Normally, it costs you 3 months interest.Therefore, if you want to sell your house immediately after you buy it.(For example in one year) It will cost you a lot.

You can waive it as the second person said to transfer to your second house or to your house's potential buyer. But if you only want to sell your house, you can not avoid this penalty; if your house's potential buyer doesn't want to transer your mortgage to him/her, you also have to pay the penalty.

 

[SipWorld]

Re: depends on when you are going to sell your house.

That's correct. That why people likes to choose open fix ( or variable) mortgage.

It can be waived as well if you are buying another house and have the mortgage in the same bank.

最初由 yuchen_zh 发布
I just sold my house one month ago. I had a penalty by breaking the mortgage. Normally, it costs you 3 months interest.Therefore, if you want to sell your house immediately after you buy it.(For example in one year) It will cost you a lot.

You can waive it as the second person said to transfer to your second house or to your house's potential buyer. But if you only want to sell your house, you can not avoid this penalty; if your house's potential buyer doesn't want to transer your mortgage to him/her, you also have to pay the penalty.