Mortgage Penalties + Porting
Did you know that 60% of homebuyers in Canada break their mortgage term before the due date?
Mortgage Terms get broken early for many reasons including moving, refinance, better rate or product comes up, life/work change etc.
The key is knowing how the options work and then how you can protect yourself.
If you need to break your mortgage, you have 2 options:
1) port the mortgage to a new home or,
2) incur a breakage penalty