Mortgage Payment Options
Once you get your mortgage, there are several different ways you can repay your loan. Some of the payment options are more beneficial than others, but whatever suits your situation the best is recommended.
Mortgage Payment Frequency - these may vary by bank, but your typical options are:
Monthly: once a month on the date of your choosing (1st - 28th)
Semi Monthly: twice a month on either the 1st & 15th or 2nd & 16th
Bi-Weekly: every second week on the day of the week of your choosing (Monday - Friday) *recommended
Weekly: every week on the day of the week of your choosing (Monday - Friday) *recommended
*Bi-weekly and weekly frequencies are recommended and available the majority of the time as accelerated payments. This means that there are 2 extra payments (bi-weekly) or 4 extra payments (weekly) that go directly towards your principal balance. These extra payments result in you paying off your mortgage quicker than if you did the non-accelerated bi-weekly/weekly payments or picked a monthly/semi-monthly payment frequency - and who doesn't want their mortgage paid off a few years earlier?!
If you’re looking for a mortgage broker to find the best product for your needs, uncover creative financing options, or assist you through a complicated transaction, reach out to Connie Graham.
As a professional mortgage broker in Edmonton, Sherwood Park, Alberta, I have the knowledge and expertise to provide you with the most fitting solution for your mortgage needs. Moreover, since I work with Axiom Mortgage Solutions Inc, I have access to a vast array of specialized mortgage products with the lowest interest rates in the market.
My services include mortgage refinance, mortgage purchase, divorce mortgage, mortgage renewal, move-up mortgage, purchase mortgage, and fixed vs. variable rate. I serve clients across Sherwood Park, St. Albert, Nisku, Leduc, Stony Plain, Edmonton, Spruce Grove, Fort Saskatchewan, Beaumont, Grande Cache, Edmonton South, South Edmonton, Edmonton Southside, West Edmonton, Edmonton West, Windermere, Riverbend, and Camrose.