If interest goes up and you break term early, will bank waive early breaking penalty?

[MelodyShi]

I heard of, if interest goes up and you break the term earl, the banks always waive the big early breaking term penalty, only charge small procedure fee; but if interest goes down, you break the term early, the bank will charge big early breaking penalty, plus procedure fee. Is that true?

[donna]

Best to ask a bank? I’d say they’d have a formula for it.

cheers

Donna

[chook]

I heard of, if interest goes up and you break the term earl, the banks always waive the big early breaking term penalty, only charge small procedure fee; but if interest goes down, you break the term early, the bank will charge big early breaking penalty, plus procedure fee. Is that true?

Thats generally correct

[MelodyShi]

Best to ask a bank? I’d say they’d have a formula for it.

cheers

Donna

Donna, Thank you!

[MelodyShi]

Thats generally correct

Chook, Thank you.