Alternative Payment Options

Quinte First offers a variety of additional payment options to help you pay down your mortgage faster and potentially saving thousands of dollars in interest over the life of the mortgage.

 

Increase Your Monthly Payment

On the anniversary date of your mortgage, principal and interest payments may be increased by up to 25% of the regular principal and interest payments being paid immediately prior to the increase.

 

Double Up a Payment

In addition to your regular payment, once in every calendar year during the term, you may make an additional payment on principal in any amount not exceeding your regular principal and interest payment.  Repayment must be made on your regular payment date.

 

Anniversary Payment 15%

Once a year on the anniversary date, you may prepay up to fifteen percent (15%) of the original principal amount of the mortgage.

 

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