Pay down your mortgage faster
Accelerate the time it takes to pay down your mortgage
You have several ways to pay down your mortgage more quickly, depending on the type of mortgage that you have. Taking advantage of your prepayment privileges can help you reduce your amortization and save on interest costs.
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You've got options
First National offers several prepayment privileges and payment frequencies depending on the mortgage product you have
selected that can help you save on interest costs and pay down your mortgage more quickly.
Annual 15% lump sum payment
Each year*, you can pay up to 15% of your original loan amount (applied to your principal balance) on any regular payment date. Minimum payment amount is $100.
Annual 15% payment increase
You can choose to increase your regular payment by up to 15% (increased amount applies to your principal balance). This privilege is only available for fixed rate mortgages and can only be used once per year*.
Double up payment
You have the option of paying two regular mortgage payments on the same date. The second payment applies directly to your principal balance.
Accelerated payment
Pay 13 months of payments in a 12-month period. By increasing each mortgage payment slightly throughout the year (calculated on what you pay per month), you can pay down your principal more quickly.
*A year begins and ends with the date that you first secured or renewed your mortgage.
Flexibility in how you pay your mortgage
Life and finances can change during your mortgage term, so you may want to adjust when or how frequently you pay.
First National gives you the flexibility to amend your payment date and payment frequency.
- Payment date: if you change jobs or a new expense arises, you can adjust your payment date to accommodate your new employment or financial situation.
- Payment frequency: update how often you pay your mortgage — monthly, semi-monthly, accelerated semi-monthly, bi-weekly, accelerated bi-weekly, weekly or accelerated weekly.
Additional Resources
If you choose to pay more than your prepayment privileges allow, you may face prepayment charges. Learn when and how these charges may apply to you.
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