- Considering changing your mortgage?
- How can I accelerate the pay down of my mortgage without incurring a prepayment charge?
- What is a mortgage prepayment charge?
- How do I calculate my prepayment charge?
- What is the impact of rising or falling interest rates on my prepayment charge?
- If rates are decreasing, how do I know if I can benefit from paying off my mortgage early?
- Prepayment charge calculation examples
- Prepayment charge calculator
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.