Variable | 2.75% | 2.15% | 0.60% |
1 Year | 3.65% | 2.49% | 1.16% |
2 Years | 3.95% | 2.95% | 1.00% |
3 Years | 4.70% | 3.45% | 1.25% |
4 Years | 5.34% | 4.09% | 1.25% |
5 Years | 5.49% | 3.99% | 1.50% |
6 Years | 6.45% | 5.25% | 1.20% |
10 Years | 6.30% | 4.99% | 1.31% |
15 Years | 7.55% | 6.90% | 0.65% |
25 Years | 8.25% | 7.00% | 1.25% |
**Rates subject to change without notice Last Updated: Tuesday, July 27, 2010
Everyone has the financial goal to be mortgage free. By understanding and utilizing these simple strategies, you can start saving now and get on track to become MORTGAGE FREE sooner.
20/20 prepayments.
Most mortgage commitments will contain a 20/20 prepayment option. This allows you to increase your monthly payment up to 20% and pay off your balance, in lump sum payments up to 20 percent per calendar year.
For example:
Assume a $100,000 mortgage with $500 monthly payments. You can pay an additional $100 per month and up to $20,000 of your balance, all of which is allocated towards your equity. Upon evaluating your needs, we can create the strategy to
maximize your savings. Utilizing these options could save you years of Mortgage payments and thousands in interest payments.
Weekly / Bi-weekly payments.
By making bi-weekly or weekly payments you are essentially making 26 half payments or 13 full payments per year. This additional payment is another great way to pay down your mortgage on a consistent basis.
Variables
Choosing a variable rate mortgage will provide you the benefit of interest savings when rates are low so that more of your payment can be applied towards principal. When rates begin to rise, your mortgage can be converted to a fixed
rate at anytime with no penalties.
Travis Kulasekere B. Comm |
