Pay down your mortgage faster

Accelerate the time it takes to pay down your mortgage

You have four possible 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.

See how you can pay your mortgage down faster using My Mortgage.

Use the scenario builder on My Mortgage to see how your privileges can be used to save you money.

You've got options

First National offers several prepayment privileges 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.

First National has allowed us to realize our dream to live in an exceptional home in British Columbia.

Jun 22, 2020, 20:20 PM
Title : First National has allowed us to realize our dream to live in an exceptional home in British Columbia.

First National has allowed us to realize our dream to live in an exceptional home in British Columbia. Not only that, but their options to pay down our mortgage faster has offered us the potential to own our home faster than we had originally planned. Now, we can realize important life goals sooner than later. First National has enabled us, through flexible payment options, to make choices to tackle our mortgage head-on so that we can experience our dreams -- all while knowing we have a home and it is ours. Thank you, First National!

– Jason N., British Columbia

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 additional charges or penalties. Learn when and how these charges may apply to you.

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