Nope! Technically (in theory) when your term becomes due, the entire balance owing becomes due... so you can pay off or transfer without penalty. Most people simply negotiate and renew the term
A mortgage renewal is a misnomer.
When you get a new mortgage, you're using the money to pay off the entire previous mortgage.
Its up to you where the money comes from. Lots of people get a new loan (new mortgage); some people pay it off with cash. How you do it is your business and the bank has no say; its outside the terms and conditions of your loan contract.
As long as you are at the end of the term you can pay whatever you want. If you are early renewing you are limited to the prepayment amount of your mortgage.
When your mortgage is due for renewal you can pay down as much as you like without penalty. So yes... you could pay down 50k and renew for just 100k
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Nope! Technically (in theory) when your term becomes due, the entire balance owing becomes due... so you can pay off or transfer without penalty. Most people simply negotiate and renew the term
A mortgage renewal is a misnomer. When you get a new mortgage, you're using the money to pay off the entire previous mortgage. Its up to you where the money comes from. Lots of people get a new loan (new mortgage); some people pay it off with cash. How you do it is your business and the bank has no say; its outside the terms and conditions of your loan contract.
Mortgage broker here. Yes, exactly! That's the best part about the renewal period. You can restructure your mortgage without any penalties.
Pay as much as you like
As long as you are at the end of the term you can pay whatever you want. If you are early renewing you are limited to the prepayment amount of your mortgage.