For fixed rate mortgages, you will pay a penalty for paying off your mortgage prior to the maturity date. The penalty amount will depend on your mortgage balance, mortgage rate and the time left on your term.
For variable closed mortgages, you will pay a penalty of three months interest for paying off the balance prior to the maturity date.
There is no penalty for variable-rate open mortgages. You can pay off any amount anytime.
Contact us to discuss paying off your mortgage early.