The Credit Union has the following Prepayment Privileges:

Open – Fixed Rate

This mortgage is completely open and extra payments up to and including full payout can be made at any time without notice or penalty.

Closed – Fixed Rate

1. Double-Up Payment – This allows an extra payment of an equal amount to be made on any regularly scheduled payment date. This double-up payment may be made as often as you wish.


2. Payment Increase By Up To 20% - This allows you to increase your mortgage payment, once per calendar year, up to 20% of your regular payment. This now becomes your new regular payment.


3. Lump Sum Payments – This allows you to make extra payments on the principal of your mortgage up to 20% per calendar year of your original mortgage.

This Lump Sum Payment can be spread over 6 increments of a minimum of $1,000.00 each to a maximum of 20% of your original mortgage.

These prepayment privileges are independent of each other and can be exercised by themselves or in conjunction with each other. Taking advantage of any or all privileges allows the extra payments to go directly to the mortgage principal thereby reducing the amortization and ultimately your interest costs.

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Lending Services Education Centre 519-742-3500 TechTown Branch 519-772-3050 Click to email Lending Services