ABOUT THE TOOLS
What are the Prepayment Penalty Mentor Tools?
Prepayment Penalty Mentor Tools are designed to support Canadian mortgage professionals in accurately estimating prepayment penalties and exploring cost-saving strategies for their clients.
From calculating penalties across multiple lenders to comparing the benefits of breaking a mortgage versus refinancing, these tools help you deliver expert guidance and maximize value for your clients.
Who are the Prepayment Penalty Mentor Tools for?
These tools are built specifically for mortgage agents, brokers, and advisors who want to deliver deeper value to their clients—especially when navigating mortgage switches, early renewals, or refinancing strategies. They’re designed to support more informed conversations and smarter mortgage decisions.
What’s the difference between the plans?
Please see our Compare Plan Features chart for a breakdown of what’s included in each plan.
What kind of penalties can I calculate?
Depending on lender guidelines, you can calculate both Interest Rate Differential (IRD) and 3-month interest penalties. The calculator uses up-to-date rate and policy logic to estimate penalty costs as accurately as possible.
Do the tools work for all lenders?
The Prepayment Penalty Mentor tools are built to provide estimates across a wide range of major Canadian lenders, including banks, credit unions, and monoline lenders. While they aim for high accuracy, final figures will always depend on each lender’s exact formula and timing.
How accurate are the penalty estimates?
The tools leverage real-world lender policies and data models to deliver industry-level accuracy. While they provide reliable strategic estimates, exact penalties may vary slightly based on timing, remaining balance, and lender-specific formulas. They're designed to guide informed decisions, not replace official lender quotes. It's best used as a strategic estimate.
Can I compare penalty costs vs. savings from a new mortgage?
Absolutely. One of the most impactful features of the Prepayment Penalty Mentor tools is the ability to compare the estimated cost of breaking a mortgage with the potential interest savings from switching to a new, lower rate. This makes it easier to show clients a clear financial picture and whether a refinance strategy makes sense.
Can I generate reports or share results with clients?
Absolutely. The tools allow you to export results to PDF or capture screenshots, making it simple to share clear, professional visuals with clients—whether through email, presentations, or during strategy sessions.
Are the tools updated regularly?
Yes. The Prepayment Penalty Mentor tools are regularly updated to reflect current lender practices, rate structures, and market trends—so you’re always working with the most relevant and up-to-date information.
Is there training or support available?
Yes. Training, walkthroughs, and best practice tips are included exclusively with the Power Broker Bundle.
If you have general questions or need basic support, feel free to reach out to hello@penaltymentor.ca—we’re happy to help!
LOGIN & ACCESS
How do I log in to the Prepayment Penalty Mentor platform?
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Go to www.penaltymentor.tech
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Use your email address as your username
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Check your inbox for a sign-in code from info@penaltymentor.tech
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Enter the code to log in
Tip: If you don’t see the code, check your spam or junk folder. To avoid missing future emails, add info@penaltymentor.tech to your safe senders list.
Do I need a Google account to access the Dashboard for the Power Broker Bundle?
Yes, access to the Dashboard requires a Google account. If you don’t have one, you can create a Google account using your existing email address (you don’t need a Gmail address).
Click here for step-by-step instructions on how to set up a Google account with your current email.
Does the subscription support broker teams or assistants?
Currently, a subscription is limited to a single user. However, we’re actively exploring the option to support broker teams and assistants.
SUBSCRIPTION & BILLING
How do I get started?
It’s simple—just subscribe here to get access. You’ll be able to start using the tools right away to uncover savings opportunities for your clients and elevate your value as a trusted mortgage professional.
Do you offer a trial period?
Yes! We offer a 7-day free trial so you can explore the tools before committing. You’re free to cancel anytime within the trial period—no charge, no hassle.
What should I know about cancellation and billing?
We offer flexible, month-to-month billing with no long-term contracts or hidden fees. You’re free to cancel your subscription at any time—no questions asked—by heading to your account settings.
If you cancel before your next billing cycle, you won’t be charged again, and you’ll retain access to the tools until the end of your current billing period.
If you’re on a free trial, be sure to cancel before it ends to avoid any charges.