When you sell your home before your mortgage term has ended, you will likely pay up to 3 months penalty on the interest that you owe.
So how can you minimize this penalty amount? Easy!!! You are usually allowed to pay down your mortgage up to 15% or 20% of the original loan amount each year. So talk to your mortgage rep to see how much you can pay down because this will lower your penalty amount since it is based on what is still owing. Pay this down (or as much as you can) before you completely payout the mortgage when you sell your home and lower that penalty!
Century 21 Vantage Realty Ltd