Frequently Asked Questions

Can I pay extra on my mortgage if I want to?

Answer: Yes most financial institutions will allow you to increase your monthly payments and/or make lump sum payments on your principal annually. these privileges vary from institution to institution. Ask your mortgage specialist what that particular institution's policies are?

Can I take my mortgage with me if I sell and buy another house?

Answer: Yes, most mortgages within Canada are fully portable. Some institutions do have restrictions. So be sure to clarify with your mortgage specialist!

What options are available regarding payment frequency?

Answer: Most institutions will allow you to choose from a list of many payment options
including monthly, semi-monthly, biweekly, weekly, BI-weekly accelerated, and weekly
accelerated.

Can you explain how BI-weekly accelerated payments help to pay down my mortgage faster?

Answer: In this case your monthly payments are divided by two, and this payment is made 26 times a year. thus resulting in two extra payments per annum. These extra payments knock years off the original amortization.

Can I have my property taxes included with my mortgage payment?

Answer: Yes, most institutions will allow the option of paying your own taxes, or having them included with your mortgage payments. However, some lenders may insist that they be included with the mortgage due to the loan to value ratio!

What is the penalty if I sell my house before the term expires?

Answer: All lenders will charge a penalty if you pay your mortgage out prior to the expiration of the term. Usually this penalty is is the greater of 3 months interest or the interest rate differential, however, this does vary from lender to lender so be sure to ask your mortgage specialist for more information!
More questions?