Real Estate

Breaking Mortgage

  • Last Updated:
  • Sep 26th, 2020 8:39 pm
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[OP]
Sr. Member
Jan 13, 2016
569 posts
302 upvotes
Vancouver, BC

Breaking Mortgage

If i wait to break my mortgage until past the time i've paid off term due to prepayments, would there be a charge? Are there admin fees with breaking the mortgage? (Dreading waiting in line calling TD)
1 reply
Jr. Member
User avatar
Jun 3, 2019
173 posts
149 upvotes
GTA
Latebuyer wrote: If i wait to break my mortgage until past the time i've paid off term due to prepayments, would there be a charge? Are there admin fees with breaking the mortgage? (Dreading waiting in line calling TD)
If I understand your question correctly, you've paid more in prepayments + regular mortgage payments than what you would have if you've just paid the normal mortgage payments of the term.

You would still have a penalty to break your mortgage. Some fees that a lender could charge in addition to a penalty would be re-investment fee, mortgage discharge fee, legal fees, etc but it must be included in your mortgage contract. Every lender is different so I would give them a call to confirm.
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