Provided that all your payments are up to date, you can pay an additional 20% of your original mortgage amount once per calendar year. You can choose to:

• Pay a lump sum of up to 20% of your original mortgage amount
• Increase the amount of your regular monthly payments by up to 20%
• Double your payments (the amount of your payment will be double the regular principal and interest payment; the extra will be put toward paying down your principal)

You can combine any of these privileges without incurring any prepayment charges as long as the prepayment amount does not exceed 20% of your original mortgage amount. 

Prepayment privileges are only available once per calendar year. Unused portions can’t be carried forward.

Using any of these prepayment privileges can significantly reduce your interest costs and the time it takes to pay down your mortgage.

For more information on prepayment privileges, please contact your banking centre. 

By changing your payment frequency, the amount you pay on a monthly basis changes very little, but it can result in big savings over the life of your mortgage.

Accelerated payments are a great way to save interest costs and reduce the time it takes to pay down your mortgage. These payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month.

Payment type	How it's calculated	Number of payments	Benefit
Accelerated weekly	Takes your normal monthly payment and divides it by four	52 weekly payments	By the end of the year you will have paid the equivalent of one extra monthly payment
Accelerated bi-weekly	Takes your normal monthly payment and divides it by two	26 bi-weekly payments	By the end of the year you will have paid the equivalent of one extra monthly payment

• Victoria has a mortgage of $250,000 and regular monthly payments of $1,454.02
• She is looking to pay down her mortgage faster so she switches to accelerated bi-weekly payments
• Her new payment is $727.01 every two weeks, which totals $1,454.02 every four weeks
• By changing her payments, Victoria will pay an additional $1454.02 on her mortgage each year, reducing the interest costs over the life of her mortgage by $31,302.68 and cutting over three and a half years off the life of her mortgage

You can transfer your existing interest rate, mortgage balance and maturity date to a new home with no prepayment charges on approval.

You can take advantage of current rates if you are buying a new home, refinancing or renewing early with no prepayment charges. With a blend and extend mortgage, your new interest rate is determined by combining the current rate on the balance of funds in your existing mortgage and adding the new rate to additional funds you wish to add to your mortgage.