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.

When Would I Have A Penalty?

When would I have a penalty?

Penalties may be avoidable with the right planning, the right mortgage and diligent tracking of prepayments.

You may be charged a penalty if you:

  • Pay your mortgage off before for the maturity date
  • Pay more than your prepayment privileges allow.
  • Refinance your borrowing before your maturity date and break your term in the process.
  • Transfer your mortgage to another financial institution before your maturity date.
  • Early renew your mortgage and break your term before your maturity date and there is no cost-free right to do so in the mortgage.

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.