How to Calculate IRD Penalty Short Answer The IRD (Interest Rate Differential) penalty is generally calculated by the difference between your existing mortgage interest rate and the current rate for a new mortgage with a similar term. This amount is [...]
Mortgage Pre-Payment Privileges allow you to pay down the principle of your mortgage penalty free! Every lender is different. Some lenders have "cheaper" rate options, but only allow 5-10% privilege annually. Standard pre-payment privileges range from 15-30% annually. This may not [...]
What is a Bona Fide Sale Clause? A Bona Fide Sale Clause is a contractual restriction in mortgage agreements that essentially binds the borrower to the lender for the entire duration of the term, unless the property is sold in [...]
The most accurate way to calculate a mortgage payout penalty. Click on your bank to calculate the penalty to break your mortgage early. [...]
The Mortgage IRD Interest Rate Differential Definition What is an Interest Rate Differential (IRD)? Interest Rate Differential, often abbreviated as IRD, is a crucial financial concept in banking and mortgage sectors. It represents the difference between the interest rate of an [...]
