Understanding Mortgage Prepayments and Charges

Some homeowners find themselves able to pay off their mortgage early, or they wish to break their current mortgage. However it's not always easy to make sense of a mortgage provider's prepayment charges.

Since we understand that being mortgage-free is an important goal for many of our clients, Cipher Ardent has established some of the most competitive prepayment terms among the other financial institutions. For example, all of Cipher Ardent's mortgages include prepayment privileges and unique Match-a-Payment^® options.

To use the calculator, you should gather the following information:

• Mortgage Contract
• Cost of Borrowing Disclosure Statement
• Repayment Terms Confirmation Letter (mailed to you after the closing date)
• Most recent Renewal Agreement
• Your Annual Mortgage Statement

Keep in mind that there are many ways to pay off your mortgage faster, by taking advantage of regular prepayment options that may be included in your existing mortgage agreement. For example, depending on the options you select for your mortgage, you can choose to repay up to 10%, 15% or 20% of the original principal amount of your mortgage at any time during each year of the term. This is a great option if you find yourself with extra money, such as a tax refund, monetary gift or inheritance.

To learn more about these options, talk to a Cipher Ardent Advisor or read our Own a Home, Not a Mortgage article.