Leanne - Branch Manager
Being mortgage free is a dream of many Canadians. Here at RBC we have many flexible payment options to help make that dream a reality.
For instance, if you come into a lump sum amount of money or you get a raise, or your finances change at all, we could help you change your mortgage payments in order to pay that mortgage off even faster.
One of the simplest options is to actually do a double up payment. One double up payment can actually save you tens of thousands of dollars of interest over the course of your mortgage. So that's one payment out of your entire year.
The double up option allows you to increase your monthly or bi-weekly payments. From your original amount you can add on $100 up to the exact amount of your bi-weekly or monthly payment. For example, if your bi-weekly payment is $1,000 you can increase that payment by an additional $100 to $1,000. Those additional funds going right to your principal reducing your overall amortization period.
Another option available is to put 10% down yearly as a lump sum payment directly to your principal. This lump sum is 10% of your initial value of your mortgage.
So for example, if you had a $200,000 mortgage, you have the ability to put a $20,000 lump sum directly to your principal every single year. Therefore you're putting that 10% right to your principal payment and reducing those overall mortgage costs.
Visiting our website you can see all the different options to help pay your mortgage off even faster.
For more information, please visit the RBC Advice Centre
