Show the full cost of leaving or moving a home loan. Fix rules that still make switching hard.
People should see the cost of leaving a home loan before they sign it. A low rate can hide a costly exit. We want clear examples in dollars, not a formula that is hard to check.
Show the full cost of leaving or moving a home loan. Fix rules that still make switching hard.
Borrowers can compare the full bill and choose a better deal without surprise fees.
We have not yet priced this ask for the public purse. Any public aid must be priced before we seek funds for it.
Some home loans can switch banks when their term ends without a set minimum rate test.
Limits: OSFI sets these rules for banks under federal law. This change began on 21 November 2024. It covers some loans without mortgage insurance. Both lenders must be under federal rules. The loan amount and time to pay it back must not grow. The new lender still checks if the person can pay.
No case study is published here yet. This is the next question to check.
Collect real loan contracts and exit quotes. Separate fees from rules that have already changed.
— Case opened with our argument, our ask and the facts still to check.
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