Personal Finance

Mortgage Final Payments Questions

  • Last Updated:
  • Aug 10th, 2020 2:21 pm
Sr. Member
User avatar
Jul 14, 2005
667 posts

Mortgage Final Payments Questions

My mortgage term will be up for renewal this fall. It's estimated at renewal that I will have approx 11 months left (yay!) Since i have only 11 months am I able to do a closed mortgage for a better rate or i have to find a 6 month + open until last payment?

Also at the end of 11 months is the discharge automatic or do i have to contact the bank? I'm in BC and with RBC if it matters.

2 replies
Deal Addict
User avatar
Nov 18, 2007
3483 posts
You could put the amortization to 1, 2, 3 years or whatever you want and then select a term for the best rate.

You could also pay off the mortgage at renewal and ask for the discharge.
Sr. Member
Dec 28, 2007
973 posts
If you have a HELOC (or you open one) another option would be to use that to pay off the balance at renewal, then pay off the HELOC at your own pace.