IK Financial Metarials
Mortgage Glossary

Mortgage 101 - Lump Sum Payment

What is a “Lump Sum Payment”?
An extra payment that you can make to reduce the amount of your mortgage principal. Putting extra money towards your mortgage helps pay it faster.
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When can you make Lump Sum Payments?
🔹At certain times during your term
🔹Before the end of your term
🔹At the end of your term
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You only may put a limited amount of money towards your mortgage, as you may face some penalties by paying more.
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Let our Licensed Mortgage Agents evaluate and create your Personal Strategy:
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com