![]() ![]() This calculation assumes that you have not made any prepayments and that the maximum you are allowed to prepay without incurring a prepayment charge is either 15% or 20% of the original principal amount. You are entitled to make a partial prepayment up to a maximum amount each 12-month period without penalty, in most cases starting on the interest adjustment date of your mortgage loan or the anniversary of that date (you can find this information in your Statement of Disclosure, under “Additional Information about your Mortgage”). Information on applicable fees can be found in your mortgage loan documents or by calling us at 1-88. For the exact prepayment charge and other fees associated with making a prepayment, please contact us at 1-88.Īdditional costs will apply if you are prepaying your mortgage loan in full. The actual prepayment charge may differ from the estimate provided. The resulting prepayment charge is an estimated amount for information purposes and is only valid for today. The estimated prepayment charge may differ from the actual prepayment charge. This calculator is for estimation purposes only. If you need additional information, you can also contact the Financial Consumer Agency of Canada. ![]() They can also help you determine whether there are options available to you that can help you avoid these charges.įor more information about prepaying your mortgage loan, please contact us at 1-88. They can let you know what prepayment charge would apply, if any. If you are thinking of paying out your mortgage loan early, making a lump sum payment, or increasing your regular payment amount, please speak to one of our Mortgage Specialists. It also explains how Equitable Bank calculates prepayment charges. To help our customers make informed decisions, we have prepared an information sheet, Understanding your Mortgage: What You Need To Know About Mortgages and Mortgage Prepayment Charges, which provides a short glossary of commonly used mortgage terms, a comparison of the different types of mortgage loans, a description of how you can pay off your mortgage loan faster without having to incur a prepayment charge, and options available to avoid paying a prepayment charge. It is important that you understand what prepayment charges are, when they may apply, and ways you may be able to avoid them. Your mortgage loan documents describe in detail the prepayment privileges and charges that apply to your mortgage loan. ![]() It is important for you to know that, if you have a closed term mortgage with us, and you would like to prepay the balance of your mortgage loan in full or make a lump sum payment to reduce the principal amount that exceeds your prepayment privilege, you will need to pay a prepayment charge.Ī prepayment charge is a fee charged by Equitable Bank when you prepay the entire balance of your mortgage loan, or a portion of the balance in excess of your prepayment privilege, prior to the maturity date. The prepayment privileges applicable to your mortgage loan will depend on the type of mortgage you have with us and will be subject to the terms and conditions contained in your mortgage loan documents. ![]() A prepayment privilege may include the option to make a lump sum payment of up to a certain percentage of your original principal balance or to increase your regular payments by up to a certain amount. To achieve this, Equitable Bank offers competitive prepayment privileges on all of our mortgage products. Paying down your mortgage faster, being mortgage-free, and saving yourself thousands of dollars in interest costs, are important goals for many of our customers. Term Deposits and Guaranteed Investment Certificates (GICs). ![]()
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