Option 1: Annual 20% Prepayment1
You may make a lump sum payment of up to 20% of the principal amount owing on the mortgage at the beginning of your current term without paying a prepayment charge.
Apply your savings in a lump sum deposit towards your mortgage.
Option 2: Increase your regular mortgage payment by up to 20% over your Term2
You can increase your regular payment amount by up to 20% at any time or times during your term. The total of these increases during the term of your mortgage cannot be more than 20% of the regular payment amount.
You may prepay more than the prepayment privilege options; however, you will be subject to prepayment charges as described in the terms and conditions of your mortgage agreement and Disclosure Statement.
Questions? Contact us.
(1) Minimum payment of $500. You cannot carry forward any unused portion of the Prepayment Privilege to a future year. Certain mortgage products restrict the day(s) on which this prepayment privilege is available. Refer to your Disclosure Statement or Renewal Agreement for more details or contact us for more information.
(2) This prepayment privilege is not available on all mortgage products. Refer to your most recent Disclosure Statement or Renewal Agreement for more details or contact us for more information.