- 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
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.