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The purchase of a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres, we want to make each and every purchaser aware of the many mortgage options available to them.

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  • Testimonial

    Brittney, Satisfied Customer

    The Dominion Mortgage Team was so great to work with because they answered all of my questions and explained the whole process to me.
  • Testimonial

    Valinda, Satisfied Customer

    My agent was very understanding, approachable and listened to my needs and concerns and made very good suggestions.
  • Testimonial

    Ashlee & Luis Sanchez

    We didn't feel like we were taken advantage of. We felt extremely comfortable; we also felt that we were top priority and everything was going to be done that would best meet our financial situation.
  • Testimonial

    Greg Irwin, Satisfied Customer

    The mortgage process was the most stress free part of the whole purchase and move!
  • Testimonial

    Adam & Cheryl Tempelaar

    Awesome! We will definitely be back when it's time to re-mortgage or buy a new house.
Dominion Lending Centres | Regional Mortgage Group
Dominion Lending Centres

Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:

  • Residential Mortgages
  • Commercial Mortgages
  • Equipment Leasing

Mortgage Questions


For the majority of mortgages, borrows are charged a penalty if they wish to pay off all or sometimes part of the mortgage before the end of the term. The normal pre-payment penalty is typically the greater of three months' interest or the Interest Rate Differential (IRD: the amount of interest at the mortgage rate vs. the current interest rate due for the balance of the term).

To calculate your IRD penalty do the following:

  • Step 1: Review your most recent mortgage statement. Note the interest rate and the time left on the mortgage and the mortgage balance. For example, if you are in a 5-year mortgage that you have been making payments on for 2 years, you will still have 3 years or 36 payments left on the mortgage.
  • Step 2: Take your current rate and add 1.5% to it. This is roughly the posted rate at time mortgage issued. Find the current posted rate on a similar mortgage offered by your current lender. Make sure to use the posted rate that most closely matches your remaining term (3 year for our example above). If the rate is higher than your current mortgage rate (plus the 1.5%) no need to go further, the 3 month interest penalty will apply. If the posted rate is lower, continue on.
  • Step 3: Take you current rate (with 1.5% added) and subtract your current banks posted rate. This number will provide the interest rate differential (IRD).
  • Step 4: Multiply the IRD by the number of years left on the term of your mortgage. In our example it would be 3 years. Then multiply that number by your remaining principle amount on your mortgage. The result will be your IRD penalty.

Please note that most lenders perform the IRD calculations this way but not all lenders do. The single best way to determine you IRD penalty is to call your current lender and ask.

Prepayment Privileges

Most mortgage products offer / allow pre-payment privileges including annual lump sum contributions and or an increase in the mortgage payments (up to a certain percent: (5% - 25% depending on the lender).

Call To Action

For more information on any program you may be interested in please either email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 403-343-1125 to set up an appointment with an agent.