Prepay what you’re allowed to
Charges won’t apply if you follow the rules set out in your mortgage agreement.
On any Innovation open mortgage, you can prepay any amount at any time without penalty!
As an Innovation mortgage holder, you can enjoy a generous 20/20 mortgage pay down option on any closed mortgage type. Pay up to 20% of your original mortgage principal each year without penalty and/or increase your payment by 20% once during the term of your mortgage.
To learn more about prepayment penalties and to see an example of a prepayment calculation, visit Financial Consumer Agency of Canada Mortgage fees: prepayment penalties.