When does my mortgage payment come out?

It comes after at the end of payment frequency selected. (E.g. If you choose monthly payment frequency, the payment will come out at the end of the month. This is different than renting which you pay at the beginning of the month)

Is there a payment frequency that gets me ahead on my mortgage?

The accelerated biweekly and accelerated weekly payments will be larger and will have extra amounts going towards the principal and shorten the life of your mortgage, but you should pick the mortgage payment that works best for you.

Do I have to pay CMHC fees with my mortgage?

If you have a down payment less than 20% it is considered an insured mortgage and there is an insurance premium that is added to the mortgage making your mortgage and mortgage payment bigger. (The insurance premium is typically known as “CMHC Fees” but CMHC is just 1 of the 3 insurance provides that offers the insurance premium. The other 2 insurers are Sagen and Canada Guaranty.)

What are prepayment privileges?

Prepayment privileges give you the option to put money straight on the principal every year without penalty. You can do it by lump sum amounts, increasing the payment amount, or getting double up payments depending on the lender. The amount your allowed will change from lender to lender ranging from 10% to 20%. (E.g. If your lender has 20% prepayment privileges, you can put up to 20% of the original mortgage amount straight on the principal without penalty)

Can I pay off my mortgage early?

Yes, you can pay your mortgage off early. If you are paying off the mortgage before the term is done and the amount you are paying off more than what your prepayment privileges allow, there will be a penalty involved.