Buying a home usually means taking out a mortgage. Make sure
you obtain a mortgage you can live with. A Mortgage Professional at ECU can
help you tailor your mortgage terms to suit your financial goals and needs.
Interest cost is a major factor when obtaining a mortgage. There are several
ways to reduce your interest cost:
- Provide a larger down payment – this reduces the amount
of your mortgage and therefore means less interest paid.
- Payment schedule – choose a weekly, biweekly or semi-monthly
payment instead of monthly, and you will pay off your mortgage more quickly,
thus reducing the amount of interest paid.
- Shorter amortization – this will increase your regular
payment amount but will reduce the period of time over which the mortgage
is repaid. The longer your amortization period is the lower the mortgage
payment is, however your interest cost is greater.
- Prepayment privileges – will allow for the mortgage
to be paid in a shorter period of time and can eliminate the need for a
shorter amortization period, thereby making the repayment of the mortgage
much more comfortable. Prepayment privileges are available at no charge
on all of our mortgage products and include double -up payment, regular
payment increase, and lump sum payments.
Pre-approval
Pre-approval of your mortgage is a critical step in the home purchase process.
With pre-approval, you will know in advance the amount of mortgage that you
qualify for, and with the down payment you have available you will be able
to shop for the home of your dreams in the correct price range. With the
right mortgage, you will be able to own your home and still enjoy the lifestyle
you deserve.
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