'KEY PIECE OF INFORMATION' MISSING FROM MORTGAGE DOCUMENTS COSTS HOMEOWNER EXTRA $10K

'CLEAR DIRECTION' NEEDED, LAWYER SAYS IN 2010, THE FEDERAL GOVERNMENT'S BUDGET INCLUDED A PROMISE TO STANDARDIZE THE CALCULATION AND DISCLOSURE OF MORTGAGE PREPAYMENT PENALTIES.

A TORONTO MAN IS WARNING PEOPLE TO TAKE A CLOSE LOOK AT THE PENALTIES THEY'LL FACE FOR BREAKING A MORTGAGE BEFORE THEY LOCK IN.

' needed, lawyer says In 2010, the federal government's budget included a promise to standardize the calculation and disclosure of mortgage prepayment penalties. Despite those promises, not much has changed, Bridge says. "I think that the government does have a role here in providing very clear direction through regulation on what disclosure is required prior to these types of transactions taking place," Kara says ...

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