Breaking Your Mortgage (and the Consequences of Doing So)

Sometimes, you might run into a circumstance where you need (or want) to break your mortgage. Breaking your mortgage means that you pay off the outstanding mortgage balance in full prior to the end of your term (for example, paying off your five-year fixed-rate closed mortgage three years into the term). This incurs a pre-payment penalty, which is either the equivalent of three months’ interest payments or the interest rate differential. The lender usually charges the greater of the two. Read more

Securing a Calgary Mortgage

Step 1: Contact a Mortgage Broker
The first step towards securing a mortgage is to contact a Calgary mortgage broker, and discuss your mortgage options. This way, you can determine what approach will be best for your particular situation. Additionally, you can get a feel for the mortgage process and complete an application to get the ball rolling! Read more