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1. Paul Sidhu says:

   December 9, 2009 at 2:19 pm

   That question is very vague. However, the following are some generalizations that you may find helpful:

   • Some companies allow you to increase your payments by up to 20% a year without paying a penalty or fee.
   • Some lenders allow you to pre-pay your mortgage up to 20% a year.
   • If you wanted to change from monthly payments to bi-weekly payments, most companies don’t have a problem with this. If you are changing from bi-weekly to monthly payments, the lender may have concerns but this will depending on the lender.
   • If you are looking to extend the amortization this would require you refinancing your current mortgage due to added mortgage insurance fee’s from Canada Mortgage & Housing Corporation.

   If possible could you please be specific as to what you would like to do with your payments?

   Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

   Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person’s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.
2. amanda says:

   December 9, 2009 at 2:34 pm

   I am interested in switching to monthly payments, and possibly looking to extend my amortization period. Any advice for my situation?
3. Paul Sidhu says:

   December 9, 2009 at 2:40 pm

   This is something that is usually not in your best interest to do as the interest costs over the life of the loan will be much greater. If you are in a bind and are doing this based on income restrictions, it may be in your best interest to refinance your current mortgage at a lower rate of interest than you are currently paying. At today’s historical low rates this could offset your mortgage payments without extending your ammortization.

   Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

   Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person’s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.