Prepayment Privileges

Adjustable Rate Mortgage, Fixed Rate Mortgage and Cash Back Mortgages all permit the following prepayment privileges to assist you in
paying off your mortgage faster:

  1. Prepay up to 25% of the original amount borrowed (differs between lenders from 15% – 25%) each year based on the anniversary date of your mortgage.  This privilege does not carry over, and/or
  2. Increase your payment amount by up to 15% – 25% (differs between lenders) of the original registered payment amount each anniversary year.  You may also reduce your payment back to its original amount at any time.
  3. Double up payments –  you can also  double up your monthly mortgage payment