Save Money and Pay down your mortgage faster!
Imagine the sense of freedom that you’ll have when your mortgage is paid off. You’ll have extra money for other priorities like retirement savings, your children’s education, home renovations, travel or even just extra spending. Your home will truly be YOUR home! We want to help you get there sooner. Here are some tips that can help you pay down your mortgage faster (and save you money too).¹
Note: Our open mortgages allow you to payout at any time without charge.
Tip #1 – Take advantage of your prepayment privilege to increase your payment amount.¹
With Bridgewater Bank’s prepayment privilege, you can increase your regular mortgage payment by up to 20% over your term. That extra money will go directly towards your principal. The quicker you pay down your principal, the less interest you’ll pay.
Tip #2 – Change your payment frequency.⁴
Rather than making one mortgage payment each month, consider switching to a weekly, bi-weekly or accelerated payment schedule. You’ll pay down your principal quicker and will pay less interest over the life of your mortgage.
Tip #3 – Use your Prepayment Privilege to make lump sum payments to your mortgage.²
With Bridgewater Bank’s prepayment privilege, you can prepay up to 20% of the most recent original or renewed principal amount of your mortgage annually.³
You can save thousands of dollars in interest by using these tips. Plus, you could be mortgage-free years sooner. Some mortgage features are not available for all mortgage products. Always refer to your mortgage disclosure statement for details. For more information, speak with one of our friendly customer experience specialists.
See more great tips for paying down your mortgage at the Financial Consumer Agency of Canada (FCAC) website.
(1) Refer to your most recent Disclosure Statement or Renewal Agreement for complete information regarding Prepayment Privileges available to you. This prepayment privilege is not available on all mortgage products.
(2) Minimum payment of $500. You cannot carry forward any unused portion of the Prepayment Privilege to a future year. Certain mortgage products restrict the day(s) on which this prepayment privilege is available. Refer to your most recent Disclosure Statement or Renewal Agreement for more details. You can also contact us for more information.
(3) For purposes of the Prepayment Privilege, annually means each 12 month period following the interest adjustment date and each anniversary of the interest adjustment date. Certain mortgage products restrict the day(s) on which this prepayment privilege is available. Refer to your most recent Disclosure Statements for more details or contact us for more information.
(4) This feature may not be available on all mortgage products.