Mortgage Penalties Explained. Basic in’s and out’s of a mortgage penalty. There are two types of mortgages: open and closed. Open mortgages can be paid off at any time without penalties, but the cost of...
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Tag Archives: Interest Rate Differential
Interest Rate Differential
Interest Rate Differential (IRD). Understand how IRDs are calculated(at least the one’s we know…). Typically, mortgage penalties are calculated using the greater of three months interest or the Interest Rate Differential (IRD). But...
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