With many financial institutions advertising low mortgage rates, it can be tempting to switch providers partway through your mortgage term. But do you know the cost of breaking your existing mortgage contract?

Many people are surprised to learn that the penalty for breaking your mortgage can be more than three months’ interest. They switch to a lower rate to save money, but end up paying thousands of dollars in surprise fees!

Before you decide to switch, make sure you know all of the penalties and fees that will apply. Your mortgage contract is required to explain these costs.

Understanding your financial rights and responsibilities means no surprises. The more you know, the easier it is to avoid costly fees and reach your financial goals.

Learn more at canada.ca/it-pays-to-know.