Mortgage lump sum payment question

[Singh_21]

I renewed mortage with TD last year in May. I can pay 15% prepayment every year with no penalty.

Is that year from Jan 01 to Dec 31 or from the start of the mortgage term ie May of one year to May of next year?

Thanks.

[MarcFromOttawa]

Your mortgage should have a "birthdate" from the start of the term but asking your bank would be your best bet

[Rhaegar]

The lump payment date will be based around the day it was renewed, so it would go May to May in your case.

[Conquistador]

With BMO, it was calendar year IIRC.

[lufraser]

https://formssearchcpo.td.com/Retrie...ormLink=530136

section 5.06 Prepayment for Closed Mortgages.

Each calender year, you may prepay up to fifteen per cent (15%) of the original Fixed Rate Principal Amount....

[Singh_21]

https://formssearchcpo.td.com/Retrie...ormLink=530136

section 5.06 Prepayment for Closed Mortgages.

Each calender year, you may prepay up to fifteen per cent (15%) of the original Fixed Rate Principal Amount....

Thanks...So calender year mean Jan to Dec?

[2K6TSX]

Thanks...So calender year mean Jan to Dec?

Yes

[SpillOnAisle9]

I can confirm the new one I'm signing with CIBC is calendar