Mortgage Free Sooner

4 easy steps are all it takes



1

Instead 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.

2

Shorten your amortization period: the number of years needed to pay off your mortgage. The less time it takes, the less you pay in interest.

3

Increase your regular payments by as much as double the current amount if you can afford to.

4

Each 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
Ready to start your Homebuying journey? Click below and apply now.


Want to learn more?

Alterna Bank is not currently offering mortgage products through the online application in the province of Quebec. For Quebec residents, please vist our current mortgage offers. Please contact the Gatineau branch for more information.

*Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate. Rates calculated semi-annually not in advance. Maximum Amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Some conditions apply.

**Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate. Prime refers to the Alterna Prime Rate. Alterna Prime Rate is currently 3.45% as of January 19, 2018. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated monthly not in advance. Maximum Amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Some conditions apply.

Rates available for online mortgages only.