Can't find it in my paperwork but I am sure that this is what the fiancing lady had said. That if we sell before 2 yrs there would be penalty fees. If you know let me know.I purchased a house using firstline mortgages just under 2 yrs ago. when is there no penalty fees?
There shouldn't be any penalty fees unless you pay off your mortgage before the 'end date' of the loan. (So let's say your currently locked in until June 2010, if you pay off your mortgage today, you'd have a penalty)
Call them just to be sure, but personally, I've never heard of a penalty for selling your house within a certain time frame (I could be wrong, though!).
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