3 Little-Known Things You Can Negotiate in a Mortgage (Beyond the Rate)

Date Posted: August 6, 2025

 

 

 

 

When most people think about negotiating a mortgage, they focus on one thing: the interest rate.

And yes — rate is important. But it’s not the only thing that matters.

At Mortgage Brokers Ottawa, we know that the right mortgage strategy goes beyond just getting the lowest rate. In fact, choosing a mortgage based solely on rate can cost you more in the long run if you don’t understand the full picture.

Here are three other key features you should always consider — and yes, they’re negotiable!

 

 

1️⃣ Prepayment Privileges

This is a big one. Prepayment privileges allow you to make extra payments on your mortgage without penalties — either as a lump sum or by increasing your monthly payments.

Why it matters:

• You can pay off your mortgage faster

• Save thousands in interest

• Build equity more quickly

But not all lenders offer the same privileges. Some allow up to 20% per year, others much less — and some charge fees if you go even a dollar over.

 

 

2️⃣ Portability

If you plan on moving before your mortgage term ends, portability is huge. A portable mortgage lets you transfer your current rate and terms to a new property without breaking the mortgage (and paying a penalty).

Without portability, even moving houses can trigger big fees. We’ll help you find out if your current or future mortgage gives you that flexibility — and negotiate it in if needed.

 

 

3️⃣ Penalties for Breaking Early

Here’s the kicker: most people don’t stay in their mortgage for the full term.

Life happens. People move, refinance, or sell. And if you break your mortgage early, the penalties can be massive — especially with big banks that use IRD (Interest Rate Differential) calculations.

We help you understand what those penalties could be, before you sign. And we can help find lenders with fairer, clearer penalty structures if flexibility is important to you.

 

 

💡 Don’t Just Compare Rates — Compare Strategies

At Mortgage Brokers Ottawa, we look at the whole package, not just the headline rate. Because a “cheap” mortgage with inflexible terms or big penalties can end up costing you way more.

 

 

💬 Let’s Build a Mortgage That Works for You

Whether you're buying, renewing, or refinancing — let us shop, compare, and negotiate the details that matter.

📍Contact Mortgage Brokers Ottawa today for a mortgage strategy that goes deeper than rate.
We take care of the stress — and in most cases, you don’t pay a thing.