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If your goal is to pay down your mortgage faster, or if you are thinking of breaking your mortgage early by selling your property, you'll want to know the details in your prepayment clause. This might be a paragraph of text in your mortgage agreement, or it could be abbreviated as a pair of numbers (10/20 or 20/20). Either way, it tells you how much extra you can pay on your mortgage without incurring penalties. Additional payments go directly to your principal mortgage amount, so they decrease the amount of time you will have your mortgage (the amortization) as well as saving you interest payments over time.

Difficulties in making mortgage payments can come up at any time as a result of a family income reduction, unexpected expense, or job loss. Mortgage deferrals have been launched into the spotlight as a result of the COVID-19 pandemic, but unfortunately there's no single answer or solution for everyone. It's important to understand whether deferring your mortgage payments is the right option for you – and what the consequences may be.

Everything You Need to Know

The COVID-19 situation in Canada is evolving very quickly, resulting in rapid changes to the financial situation and economic outlook for many people. As always, the Auxilium Team is dedicated to staying on top of news related to the mortgage industry to provide you with all of the information you need to make the best decision for your situation. We will update this post as new announcements are made.

Are you looking for a mortgage that will give you flexibility with your finances, have lower payments during the term, and provide you with extra monthly cash flow?

You do everything you can to ensure your mortgage payments are made on time. So why is your credit score slowly getting worse? If you're like many Canadians, it's because your overall debt is climbing and you don't pay as much attention to those other loans.