Mortgage penalty calculator + MORE Jan 22nd

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

Popularity of variable-rate mortgages plummets to pre-pandemic levels + MORE Jun 21st

The popularity of variable-rate mortgages is continuing to fall and is now nearly at levels last seen prior to the pandemic in early 2020..... More »

The latest in mortgage news: record population growth to keep upward pressure on home prices + MORE Jul 21st

Canada's expected population growth will worsen the already limited housing supply and result in even higher home prices, according to a new report.... More »
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MCAN Home’s ICON Partner Program Rewards and Unites, Prioritizing Brokers and their Clients + MORE Feb 9th

When the MCAN Home Mortgage team was planning its ICON Partner Program launch, they didn’t realize how critical the focus on experience, community and relationships was about to become..... More »

Latest in Mortgage News: Are fixed mortgage rates about to take another leg higher? Aug 6th

There's speculation that fixed mortgage rates, which have continued to trend higher over the past several weeks, are set to rise even further..... More »

TD reports strong mortgage volumes and stabilizing amortizations + MORE Aug 27th

Despite a sharp slowdown in mortgage originations this year, TD reported continued strong volume growth of 4% in the second quarter..... More »
You Might Sell Your Home… And Not Even Know ItWell, it’s happening again. Scammers are coming after innocent homeowners, assuming their identities, and selling their homes on their behalf. It’s disgusting behaviour that’s made even more possible by a precarious housing market. Unfortunately, this isn’t anything new. Scams like this have been happening for decades. The only thing that’s changed is how the fraudsters do it.

In most recent cases, homes were sold by tenants who used fake IDs and job letters to rent the houses. Once they’re in, they assume the identity of the homeowner, take out a mortgage in their name, and use a realtor to list the home.

Nothing a little due diligence couldn’t catch off the bat. If you’re renting a property you own, make sure you do your homework. It could save you a lot of money and headache. Call their employers and ask for personal references. Look them up on Google. Do a little social media search. Ask for bank statements. And most importantly, make sure you get a valid Equifax credit report…

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Mortgage penalty calculator


If you have a closed mortgage and decide to break your mortgage contract before the agreed-upon term has expired, you’ll likely have to pay a prepayment penalty fee. A mortgage penalty calculator can help you figure out exactly how much those fees will be and will make it easier to know whether it’s worth it to break your current mortgage contract early.

What is a mortgage penalty? 

When you successfully apply for a mortgage, you and your lender agree to a term—the length of time your contract is in effect, which can range from a few months to five years or more. If you need to break your mortgage contract before the term is up, your lender will usually charge a penalty fee. The fee is commonly known as a mortgage prepayment penalty. You may be charged a prepayment penalty if: 

You make a larger additional payment towards your mortgage than your contract allowsYou decide to go with another mortgage provider before your mortgage term expiresYou pay back your entire mortgage amount before your term ends (including through the sale of your home) 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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Mortgage professionals may be feeling angst these days with origination volumes well down from last year’s highs. But it’s in times like these that the value prospect of a broker is at its highest.

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