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How can I accelerate the pay down of my mortgage without incurring a prepayment charge?

Depending on the type of mortgage you have selected, you may be able to pay off your mortgage faster and save money on interest payments, without incurring a prepayment charge. Consider the following options:

  • Select a weekly or bi-weekly payment to naturally accelerate the payout of your mortgage by reducing amortization
  • Increase your regular mortgage payment amount by up to 15% (allowable once each calendar year)
  • Double your regular mortgage payment amount on any payment date
  • Pre-pay up to 15% of the original principal balance in a lump-sum payment, once annually

To learn how prepayment options impact your Investors Group mortgage, call our Mortgage Servicing Centre at 1-800-328-6488. In the province of Québec, call 1-800-565-2035.