Paying down your mortgage faster
Take advantage of prepayment privileges
For most people with a mortgage, the goal is to become mortgage free as quickly as possible. As your real estate lender, we want to help you achieve that goal. 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.
Prepayment privileges include:
- Annual 15% lump sum: Every year* you can pay up to 15% of your original mortgage balance on any regular payment date. The payment applies directly to your principal. Minimum prepayment amount is $100.
- Annual 15% payment increase: Once per year* you can increase your payment amount by up to 15%. The payment applies directly to your principal. Not available for adjustable rate customers.
- Double up: You can double up your payment of principal and interest on any regular payment date. The payment applies directly to your principal.
- Payment frequency: You can change your payment frequency once every 12 months during the mortgage term, free of charge, to manage your budget more effectively and save money.
- Payment date changes: You can change your mortgage payment date once every 12 months during the mortgage term to better align with your pay periods.
*A year begins and ends with the date your mortgage was first advanced or renewed.
Use First National’s prepayment calculator to calculate how you can save on interest costs and become mortgage free sooner.