Mortgage loan question

[Taloona]

Seeking info here:

Let's say I am still servicing my condo loan with a bank. If I decide to sell the house during the lock in period, can I repay everything without penalty? The plan is to sell the current unit and buy another condo. The second condo will be purchased with no loan or very little loan (less than $200k).

 

[BBCWatcher]

If I decide to sell the house during the lock in period, can I repay everything without penalty?

Check your mortgage contract.

 

[wira]

Most likely if still lock in period will need to pay penalty , usually a 1% percentage of the outstanding amount and any fees rebates may be clawed back.

 

[iduncheckmail]

Seeking info here:

Let's say I am still servicing my condo loan with a bank. If I decide to sell the house during the lock in period, can I repay everything without penalty? The plan is to sell the current unit and buy another condo. The second condo will be purchased with no loan or very little loan (less than $200k).

if got no penalty the wtf is the lock-in period for?

 

[SBC]

Most of the mortgage contract is with 1.5% penalty fee.

 

[JuniorLion]

Check your contract.

Some banks give waiver if unit sold within lock-in. But usually not.