Do's

• Do take advantage of the different options available to you to pay your mortgage off faster without any penalty, if you can afford it.
  
  
• Do remember that your contract may enable you to minimize the penalty charges (lump-sum payment or blend-and-extend option) if you want to break your mortgage before the maturity date.
  

Don'ts

• Don't wait until you want to break your closed mortgage contract to find out that penalties may be imposed by your financial institution for doing so. You should know, from the beginning, that such penalties exist and how they are calculated.
  
  
• Don't wait for your financial institution to contact you at the time of renewal. Keep an eye on the interest-rate fluctuations over the term of your mortgage and start shopping for a new mortgage about four months prior to your renewal date.