Today is December 29, 2022, Thursday. Counting today, there are only two banking working days in 2022. Note that some banks will still be open on Saturday, December 31, 2022, but the bank accounting accounts for this day will be recorded on January 2 next year. If the right to exercise the mortgage early repayment limit is divided according to calendar years, the early repayment right exercised on Saturday, December 31 belongs to 2023, not 2022. TD Bank and BMO Bank mortgage accelerated repayment rights are divided according to calendar years. If you go to the bank to exercise this right on December 29 and 30, 2022, you will occupy the authority for 2022. If you go to exercise it on the 31st, you will occupy the repayment authority for 2023.

Whether you want to accelerate repayment and exercise the authority granted by the bank to accelerate repayment needs to be decided based on your actual situation. The suggestions are as follows:

  1. If it is a self-occupied home, the loan balance is large, and the interest rate is floating, it is recommended to speed up the repayment as much as possible and exercise the right to accelerate repayment in 2022.
  2. Maintaining continuous mortgage payments will be the focus of household debt management in 2023. If it is not the case mentioned in Situation 1, it is not recommended to exercise the right to accelerate repayment.
  3. If it falls into situation 1 and you have accelerated repayment, it is not recommended to lower the monthly payment and keep the original monthly payment unchanged, which is equivalent to accelerating repayment every month.

Deleveraging is a top priority for households that still have large mortgage loans for their own homes. Families with light housing debt do not need to follow the rules. Saving money is not the last word, but continuous supply is. The quality of staff at various bank branches varies, and the advice they give is sometimes completely different, so you need to make your own judgment and grasp.