Hello, there is very little chance that any lender will waive the penalty associated with a closed mortgage. The only time that they may be able to get approval to waive the penalty is if you were to get another mortgage with them with a higher balance to replace your existing mortgage. Even then they will want you to port the mortgage to the new property and effectively honor your existing mortgage agreement. It does not hurt to ask and if you are a high value client with the bank they may try and eat some of the penalty cost but a full waiving of the penalty is unlikely. I hope this has helped. If any reader has questions regarding penalties or porting please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

You can`t break your fixed mortgage without a penalty. There is no chance a bank will let you do this unless you have a variable mortgage.

There is a penalty involved, here is what I found directly on CIBC bank website. "The interest rate differential amount is the difference between the Interest on the Prepaid Amount for the remainder of the term at the posted rate at the time you took out the mortgage, and interest on the Prepaid Amount for the Remainder of the Term using a Comparable Posted Rate. Interest is calculated at the interest rate posted by CIBC for a mortgage product similar to your mortgage product on the date the payout statement is prepared."