Guides
Plain-English guides to the clauses in Canadian mortgage commitments — what they mean, where the traps are, and what to check in your own document before you sign.
Breaking Your Mortgage in Canada: The 3 Penalty Types That Decide What You Pay
Mortgage break penalties in Canada are calculated 3 ways — 3 months' interest, IRD, or a floor minimum. Real cases: $6,227 on a $520K balance, $8,989 on $327K.
Read the guide →The Mortgage Penalty Floor: When the Minimum Is the Whole Penalty
Some lenders — of any type — write a guaranteed minimum into the penalty clause. When a floor exists, the other calculations stop mattering: three months' interest $6,425, IRD $0 — and the borrower still pays $13,750.
Read the guide →The Port Window Trap: Your Mortgage Says "Portable." The Window Says Otherwise.
Your mortgage may say "portable" but give you only 30–120 days to use it — and make you re-qualify. Here are the 5 lines to check in your own commitment.
Read the guide →The Bona Fide Sale Trap: When the Cheaper Rate Locks You Into Your Home
Some discounted mortgages can only be paid in full if you genuinely sell your home to an unrelated buyer. What a bona fide sale clause actually says, when it traps you, and the exact phrases to search for before you sign.
Read the guide →