Here’s is a list of potential reasons you might need to break your mortgage before the end of the term. Although most of our clients take a five year term for their mortgage, you would be surprised how often they break the mortgage before the term is up.
Job relocation. Purchase of a new home. Tap into equity from your home. Refinance your home to pay off debts. Refinance your home to fund a new you love is ill Because you lost your job or because you got a new one You want to remove or add someone to the title. You want to pay off your mortgage before the maturity date. If you have a variable rate mortgage, it will be far cheaper to break, than if you have a fixed rate mortgage. This is one reason why so many borrowers choose variable - for the flexibility.