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Frequently
Asked Questions

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Can I prepay my mortgage?

For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The pre-payment 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 pre-pay any amount anytime, penalty-free.


To make additional mortgage payments:

1. Login to Online Banking

2. Go to the "Move Money" menu and select "Transfer Funds"

Transfer-Funds.jpg

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)

Principal-Payment.jpg

The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.


If you want to pre-pay your mortgage in full prior to your maturity date, there may be a pre-payment penalty. Contact us to discuss your options.

For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The pre-payment 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 pre-pay any amount anytime, penalty-free.


To make additional mortgage payments:

  1. Login to the Mobile App
  2. Click "Move Money"
  3. Click "Transfer Funds"
  4. Select the "From" account and the mortgage as the "To" account
  5. Select "Principal Only" as the "Payment Type"


The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.


If you want to prepay your mortgage in full prior to your maturity date, there may be a pre-payment penalty. Contact us to discuss your options.

For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The pre-payment 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.


Contact us to discuss your mortgage pre-payment options.