Managing Your Mortgage

Managing Your Mortgage

Transferring Your Mortgage to Us

Is your mortgage up for renewal, transferring your mortgage has never been easier. As a homeowner, you have many options available to you. Our Account Managers are available to discuss options available to you and financial goals you may wish to meet, they will find the right mortgage product to suit you.

Renewing Your Mortgage

Your mortgage is up for renewal and you received your mortgage renewal documents. Our Account Managers make your mortgage renewal process effortless. Should you wish to discuss other mortgage products that may be available to you at renewal, contact us today! Your financial goals are important to us.

Mortgage Prepayment

You want to make a mortgage prepayment, however you are not sure if a Mortgage Prepayment Charge will apply. We have made it easy for you; Mortgage Prepayment Charges apply in the following circumstances.

Prepayment Charges are calculated for Closed Fixed and Variable Rate Mortgages in the following circumstances:

  • You will be charged, if you pay more than the prepayment privilege allows. If you pay more than the 10% on the 1st and 2nd Anniversary Date, the cost is a 3-month additional interest payment on the amount over 10% that is prepaid.

  • If you pay the whole or any additional part of the amount owing on or after the 3rd Anniversary Date, the cost is a 3-month additional interest payment on the amount prepaid.

  • Peace Hills Trust does not use the Interest Rate Differential (IRD) method to calculate a prepayment charge against any of its mortgage products.

  • Click here for the Mortgage Pre-Payment Charge Calculator

How to manually estimate the 3-month Prepayment Charge: 

1st Step:

What is the amount you want to prepay on your mortgage over and above the prepayment privilege amount, if any, in your mortgage agreement?

_________ (A) 

 

2nd Step:

What is your Current Interest Rate expressed as a decimal? (Example: 4.55% = .0455)

_________ (B)

 

3rd Step:

(A) X (B) = (C)

_________ (C)

 

4th Step:

(C) ÷ 4 = (D)

_________ (D)

(D) = The estimated 3-month Prepayment Charge