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the right way, with the right team your success is in your hands. a fixed rate mortgage is a mortgage term with an interest rate which does not change throughout the entire term of the loan.  the payments are set from the beginning of the term, and remain the same until the mortgage maturity date. when breaking a fixed rate mortgage, usually a penalty of interest rate differential (ird) or 3 months of interest payments apply. a variable rate mortgage is a mortgage term where the interest rate is a discounted rate based on the bank of canada’s prime rate and may potentially increase or decline, depending on what the bank of canada’s prime rate is, during your term. for example, if the bank of canada’s prime rate is 3.00% and your variable rate is prime – 0.50%, then your variable mortgage is 2.50%.  if the prime rate goes up, then the variable rate will also go up.  if the prime rate goes down, then the variable rate does as when breaking a variable rate mortgage, most lenders and mortgage products have an applicable penalty of 3 months interest. a home equity line of credit (heloc), is a line of credit secured against real estate, and is equivalent to a mortgage, however as you pay down the principal balance of your line of credit, you will have access to the monies available on the home equity line of credit. most heloc’s allow you to make interest-only payments, and full principal balance may be paid in full, without penalty. it means you can pre-pay your mortgage by a lump sum of up to 20% of the principal balance each year without any penalties.  the other 20% by taking advantage of these mortgage features, you are sure to shed some years off the amortization of your mortgage, potentially save thousands of dollars in interest, and become mortgage free faster. paying the traditional applicable penalty for breaking a mortgage.  this allows a borrower to continue with their existing mortgage and terms.  if there are additional funds required for the purchase of the new property, we are able to apply for the difference in the