Mortgage Free Sooner
4 easy steps are all it takes
1Instead of montly payments, consider semi-monthly, biweekly, or weekly. It's easy and because you're making payments a bit sooner each month, it adds up to big savings over the years.
2Shorten your amortization period: the number of years needed to pay off your mortgage. The less time it takes, the less you pay in interest.
3Increase your regular payments by as much as double the current amount if you can afford to.
4Each calendar year you can make an additional payment of up to 20% of your original mortgage balance, which is a fast route to mortgage freedom.
These options are available for all mortgages. Each calendar year the sum of options 3 and 4 cannot exceed 20% of the original mortgage principal. Prepayment penalities may apply for principal payments over the stated annual limit.
To learn more about paying off your mortgage faster, visit the Financial Consumer Agency of Canada's website at: http://www.fcac-acfc.gc.ca
Alterna Bank is not currently offering mortgage products through this online application in the province of Quebec.