Yes! Your prepayment policy varies depending on your mortgage type. Here is the quick summary for each. For a more detailed explanation, please refer to your Mortgage Commitment or connect with the XMC Client Success Team.

Lump-sum – all products except No Frills

  • 20% of the original committed amount
  • Minimum amount of $100
  • Based on calendar year – unlimited payments

Lump-sum –No Frills

  • 10% of the original committed amount
  • Minimum amount of $100
  • Based on calendar year – unlimited payments

P&I increase – all products except No Frills

  • 20% of current P&I amount
  • Based on calendar year – unlimited payments

P&I increase –No Frills

  • 10% of current P&I amount
  • Based on calendar year – unlimited payments

Prepayment Privileges

  • You may prepay in full on payment of the greater of either
    • (1) three (3) months’ interest on the principal amount owing, or
    • (2) the present value of the forgone profit that would have been enjoyed by XMC for the remainder of the term of the mortgage, had the mortgage not been discharged.
    • As a proxy for the forgone profit, XMC will compare the interest rate on the existing mortgage to the interest rate on alternative investments such as residential mortgages offered by Canada’s chartered Banks including any rate discounting offered by those banks on or about the time the mortgage discharge statement is requested.