Selling Your Home

If you have a closed-term mortgage and decide to sell your home before the end of the term, you may be assessed a mortgage penalty. Here are four things you can do to avoid paying that penalty.

Roll-Over Mortgage

With our Roll-Over mortgage, you can transfer the mortgage balance, the interest rate and term expiry date to a new loan without paying any penalty. Any amount over and above your current balance will be lent to you at the prevailing rate and based on the desired term.
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If the Bank grants a mortgage to the purchaser of your property, the mortgage penalty is waived. There are three conditions that must be met. The purchaser's loan must be as follows:

1. amount is bigger than your mortgage, and
2. fixed rate that is higher than the rate you pay, and
3. closed term that is equal to or longer than the term of your existing mortgage.

Double the Size of the Mortgage

If you or the persons buying your property, take on a closed-term mortgage loan that is twice the size of your outstanding mortgage balance, the mortgage penalty is waived.

Purchaser Assumes Mortgage

If the purchaser takes on your mortgage, you do not have to pay any additional fees.