We Can Help.

Mortgage interest rates are at or near historical lows and you may want to take advantage of these low rates instead of waiting for your mortgage maturity date when rates might be much higher. There are a few key things to consider, such as prepayment charges, which may apply.

What is a prepayment charge?

When you borrow money for a mortgage, Royal Bank of Canada also borrows the funds needed from its lenders and enters into the same length of contract as you’ve selected. If you break your mortgage before the term is complete, the Bank cannot fulfill its contract to its lenders and is charged a 'breakage cost'. The pre-payment charge collected from you helps to offset the charge the Bank has absorbed on your behalf.

Reasons you may consider breaking your mortgage:

Lower your monthly payments to improve cash flow

Reduce your interest rate to save money

Sell your existing home to buy a new one

We can help.

Regardless of your reason, we can help you understand your options. We will look at your whole financial picture and tailor a mortgage solution based on your unique needs.