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What's the Cost of an Early Mortgage Renewal in Canada?

When you sign for or renew your mortgage contract, the last thing you intend to do is break that contract, however, it may be that case that you need refinancing or refinancing is the best financial option. Whatever the reason, it is important to keep in mind that renewing early may cause you to incur fees, usually known as a mortgage penalty. The amount you would have to pay for this penalty depends on how much time you have left on your mortgage term, who your current lender is, as well as your mortgage balance. That being said, depending on the reason for breaking the mortgage, you may be able to find a way to avoid the penalty fee.


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