How to Get Out of a Mortgage

Breaking a mortgage contract can be necessary if your financial situation changes. While you can usually break your mortgage, costs depend on the type of mortgage and its terms. Open mortgages offer flexibility with fewer penalties, while closed mortgages have stricter conditions and higher penalties. Costs may include pre-payment penalties, administration fees, and appraisal fees. Options to avoid penalties include porting your mortgage or having buyers assume it. Weigh potential savings against penalties before deciding to break your mortgage.