Mortgage Penalty

sandra

0
Registered
Hello all,

I have a 5 year fix mortgage, and have 2 more years left on it. I want to change to variable and the bank says I have to pay penalty. Is this penalty tax deductible?

Thanks
Sandra
 

Sherilynn

Real Estate Maven
REIN Member
Mortgage penalties on investment properties are tax deductible. I believe you must prorate them over the new mortgage term. (Please doublecheck with your accountant.)

Regards,
Sherilynn
 
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