For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The prepayment can be made in one lump sum or you can make several payments adding up to the maximum of 20%.
For variable open mortgages, you can prepay any amount anytime, penalty-free.
If you want to prepay your mortgage in full prior to your maturity date, there may be a prepayment penalty. Contact us to discuss your options.
To make additional mortgage payments in Online Banking:
1. Log into Online Banking
2. Go to the "Move Money" menu and select "Transfer Funds"
3. Select the "From" account and the mortgage as the "To" account
4. Select "Principal Payment" as the "Payment Type" (note that if you automatically pay your mortgage you will not need to select “Principal Payment” as it will default to principal payment)
The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.
For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The prepayment can be made in one lump sum or you can make several payments adding up to the maximum of 20%.
For variable open mortgages, you can prepay any amount anytime, penalty-free
If you want to prepay your mortgage in full prior to your maturity date, there may be a prepayment penalty. Contact us to discuss your options.
To make additional mortgage payments through the Mobile App:
1. Log into the Mobile App
2. Go to the "Move Money" menu and select "Transfer Funds"
3. Select the "From" account and the mortgage as the "To" account
4. Select "Principal Payment" as the "Payment Type" (note that if you automatically pay your mortgage you will not need to select “Principal Payment” as it will default to principal payment)
The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.
