Pre-payment options are the ability to pay down your mortgage principle faster without incurring any penalties. Standard pre-payment options can be used in 2 ways: lump sum payments, and by increasing your mortgage payments above what you are required to pay.
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definition of “principle”
Mortgage principle is the amount of money owed or borrowed that needs to be repaid.
How can I pay off my mortgage sooner?
Most mortgages have pre-payment options that allow you to put around 10-20% of the original mortgage principle down, without penalties. Penalties do occur in most cases though, when paying off your mortgage above your pre-payment options (including paying it off in full). Talk to our team about how to minimize these future penalties.
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