Breaking your mortgage doesn’t directly impact your credit score, but it can come with massive penalties that can be challenging for the average homeowner to figure out on their own.

If you renewed your fixed-rate mortgage in 2022 or 2023 you may be regretting it now. Fixed rates have been falling since October 2023, with five-year rates dropping as low as 3.79 per cent as of the end of November, according to Ratehub.

There is a way out: Even if you’re locked in, you can break your mortgage — effectively ending the contract before the end of your term — and refinance at a lower rate.

There is a way out: Even if you’re locked in, you can break your mortgage — effectively ending the contract before the end of your term — and refinance at a lower rate.

Unfortunately it will cost you, some

See Full Page