Pay Off Your Mortgage Faster

You want to pay your mortgage off as quickly as possible but you don't want to incur any mortgage penalties...

You have three options:

• make a 10% payment to principal
• make additional payments
• increase the size of your monthly payment.

10% Principal Payment
If your mortgage is closed, you can over the course of each calendar year¹ make one or more additional payments totaling up to 10% of the borrowed amount.

Additional Payments
At each payment date, you can pay an additional amount up to the size of your regular payment (including principal and interest).

Bigger Payments
Once per calendar year, you can increase the size of your monthly payment by up to twice the original amount. You must then pay this new amount for the remainder of the term.

When your term expires, you can of course renegotiate and pay any amount you wish.

¹ Current interest will be calculated if the payment(s) is(are) not made on the scheduled payment date.