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If rates are decreasing, how do I know if I can benefit from paying off my mortgage early?

There are many options to consider prior to proceeding with a full or partial payout of your mortgage.  Depending on the prepayment charge you could incur, you may want to review the following:

  • Your prepayment 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 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
  • Switching from a variable rate mortgage (variable rate mortgage, lock and roll mortgage and adjustable rate – adjustable payment mortgage) to a fixed rate mortgage of equal or greater term:
    • You have the ability to lock-in your variable rate to a fixed rate mortgage for a term equal to or greater than your existing term without penalty
  • Early renewal options:

    • If you are within 90 days of your mortgage term maturity date, you can lock in at current rates by selecting a one-year closed fixed term or longer

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.