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Are there penalties for paying off a fixed-rate mortgage early?

Author: Boychuk Mortgage Group | Jun 25, 2024

Fixed-rate mortgages may have penalties for early repayment, depending on the terms of your mortgage agreement. We clarify prepayment penalties and discuss strategies to minimise them.



READ MORE BLOG ARTICLES

Recent Posts

  • WHAT IS A VARIABLE RATE MORTGAGE?
  • WHAT IS A FIXED RATE MORTGAGE?
  • WHAT CAUSES THE VARIABLE RATE TO FLUCTUATE?
  • HOW MUCH WOULD THE VARIABLE RATE CHANGE?
  • WHAT ARE THE PRO’S & CON’S TO A FIXED VS VARIABLE RATE?
  • How do I decide between a fixed-rate and variable-rate mortgage?
  • What are the potential risks of a variable-rate mortgage?
  • Can I switch from a variable rate to a fixed-rate mortgage?
  • How often do variable-rate mortgages adjust?
  • What factors should I consider when comparing mortgage rates?
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  • Home
  • About
    • About
    • Articles
    • Blog
    • FAQ
    • Mortgage Glossary Terms
    • Trigger Rates Explained
    • Why Boychuk Mortgage Group
  • Services
    • Services
    • Bad Credit Mortgages & Alternative Financing
    • Bridge Financing
    • Co-Sign Mortgages
    • Commercial Mortgage Financing
    • First Time Home Buyer Mortgages
    • Fixed Rate Mortgages
    • Fixed Rate vs Variable Rate Mortgages
    • High Net Worth Mortgages
    • Home Equity Lines Of Credit
    • Home Equity Loans
    • Investment Property Mortgages
    • Mortgage Renewals
    • Multi Family Mortgage Financing
    • New Build Construction Mortgages
    • New To Canada Mortgages
    • Non-Resident & Foreign Income Mortgages
    • Pre-Approval Mortgage
    • Purchase Plus Improvement Mortgages
    • Real Estate Investing
    • Refinance Mortgage
    • Refinance To Consolidate Mortgages
    • Reverse Mortgages
    • Self Employed Mortgages
    • Separation Mortgages
    • Steps To Buying Your Next Home
    • Vacation & Second Home Mortgages
    • Variable Rate Mortgages
  • Mortgage Calculator
    • Mortgage Calculator
    • Cash Flow Analysis – Monthly Budget
    • Cash Flow Calculator – Rental Properties
    • Closing Cost Calculator
    • Fixed vs Variable Calculator
    • Land Transfer Calculator
    • Purchase Calculator
  • Testimonials
  • Resources
  • Contact Us