Did you know that your version of Internet Explorer is out of date?
To get the best possible experience using our website we recommend downloading one of the browsers below.

Internet Explorer 10, Firefox, Chrome, or Safari.

How To Avoid Paying Penalties

How To Avoid Paying Penalties

If you are moving, you can request to port your mortgage terms and take your current mortgage interest rate, amortization and maturity date to your new mortgage on your new home.  Any port of the mortgage terms will require requalifying all borrowers and the new property.  Porting your mortgage is subject to the terms in your existing mortgage.  

If you are moving, the purchaser of your property can request to assume the mortgage. The purchaser of your home may be approved to assume your mortgage, accepting liability for the existing mortgage. The buyer needs to apply and qualify to assume the mortgage, receiving your existing mortgage rates and terms.

If you are refinancing and increasing your mortgage, you may be able to “blend” your current rate with the new rate for the equivalent remaining term. You can avoid a prepayment charge by keeping your current rate on your current balance remaining and blending it with the new rate for the increased amount.  Refinancing your mortgage is subject to requalifying all borrowers and the new property.  

Always consult your mortgage disclosure and/or your mortgage professional when deciding what product is right for you.  Review your mortgage disclosure/ documentation to understand the terms and conditions that relate to your mortgage.