Besides the actual type of mortgage you select, there are other important characteristics of your mortgage that determine exactly how much you will pay – both monthly and over the life of your mortgage.
Can’t decide between a closed, open or convertible mortgage? There are many factors to consider such as your financial goals and how soon you want to pay off your mortgage.
Prepayment privilege is the ability to prepay a portion of the mortgage principal before it is due and without penalty. Prepayment is simply paying more than the monthly payment on the mortgage, with the extra amount applied to the principal.