Infographic: Before breaking your mortgage

From: Financial Consumer Agency of Canada

Infographic:  Before breaking your mortgage
Text version

The infographic “Before breaking your mortgage” shows a man and a woman reviewing their mortgage and weighing the pros and cons of switching to find a better rate.

Should you switch your mortgage to get a better rate elsewhere?

You may benefit from better rates and lower payments by switching your mortgage, but double-check your mortgage contract first! Switching your mortgage can result in heavy penalties and fees.

Be sure you know all of the penalties and fees before switching your mortgage.

Know your rights and responsibilities:

While your mortgage contract must clearly disclose the cost of breaking it, it is your responsibility to understand your mortgage contract before switching.

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