Prepayment Options for Closed vs. Open Variable Rate Mortgage

Prepayment Options for Closed vs. Open Variable Rate Mortgage
Variable Rate Closed Variable Rate Open
Convert to a fixed rate closed mortgage with a term equivalent to (or greater than) your remaining term.

If converted to another term other than the above, prepayment charges apply.		 Convert to any other term, at any time, without a prepayment charge.
Double-Up® any regular payment to a maximum of a monthly equivalent. Double-Up® any regular payment to a maximum of a monthly equivalent.
Increase your regular payments by as much as 10%. Increase your regular payments by any amount.
Make a principal prepayment (minimum of $100). Make a principal prepayment of any amount at any time (minimum of $500).
Make a 10% annual Anniversary payment. Repay either in part or in full at any time.