Notice Of Mortgage Payment Change Page 2
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PREPAYMENT OPTIONS
How
When
What it means
1. *by paying an extra regular mortgage payment (principal,
on any regular payment date.
interest and taxes)
your principal mortgage balance
at anytime, sum total must not
2. * by paying up to 15% of the original principal amount
will be reduced by that amount
of your mortgage
exceed the yearly maximum.
3. by increasing your regular monthly mortgage
once each year of the term of your
payment by up to 15% of the current principal and
mortgage
interest payment
*Only items 1 & 2 qualify for the Miss a Payment option.
Miss a Payment Option
You may miss any scheduled payment as long as you have prepaid an amount equal to the amount of the payment you
intend to miss in this term, and your mortgage is not in default. You cannot however, miss your mortgage credit insurance
premium, if applicable. Extra payments or prepayments may not be used to miss a payment if this mortgage is assumed
by a subsequent purchaser.
Prepayment Costs
When you prepay some, or the entire principal of your mortgage, you will incur prepayment costs unless the partial
prepayment is in accordance with the Prepayment Options chart. The costs to pay off some, or the entire principal
amount of your mortgage early is 3 months’ interest costs at the current mortgage rate on the amount you want to pay.
Portable Mortgage
As long as we agree in writing, you may transfer your existing mortgage balance to a new home or you may combine
your existing balance with additional funds and, depending on the remaining term of the existing mortgage, obtain an
extended term.
Continuing Liability
Unless you prepay the balance of the principal amount owing, you must continue to make your regular monthly mortgage
payments.
(Include the total number of pages in box 2 of the Charge/Mortgage of Land (Form 2).
E0394ON (02/04)
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