Insured Mortgage Solutions: 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.

Insured No Frills Mortgage Solution: This mortgage is closed to prepayment in full, except in the case of a bona fide sale of the property or a refinance with XMC. The mortgage will only be discharged in these circumstances upon payment of a penalty which at the very least shall be the greater of either (1) three months’ interest and (2) the present value of the foregone 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 foregone 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.

Uninsured Mortgage Solutions: You may prepay this Mortgage in full on payment of the greater of either (1)three (3) months’ interest on the principal amount owing and (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.

In all cases, please call our Client Success Team for more details: (877) 775-2970.