Breaking your mortgage
Thinking of breaking your mortgage for a better interest rate? Read your mortgage contract and make sure you know all of the penalties and fees.
The cost of breaking your mortgage contract depends on whether your mortgage is open or closed. An open mortgage allows you to break the contract without paying a prepayment penalty.
If you break your closed mortgage contract, you normally have to pay a prepayment penalty. This can cost thousands of dollars.
💡 For tips to reduce or avoid prepayment penalties, visit:
https://www.canada.ca/en/financial-co...
✔️ For more information on breaking your mortgage contract, go to:
https://www.canada.ca/en/financial-co...
Version française : • Résilier votre hypothèque
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