Choose The Rate Features That Suits Your Needs
A Fixed Rate Mortgage gives you the peace of mind and security of knowing exactly what your payments will be. The rate is guaranteed throughout the term of your mortgage.
An Adjustable Rate Mortgage (ARM) gives you the flexibility and benefits of moving with the market to take advantage of lower interest when the prime rate drops. You may choose to lock into a Fixed Rate Mortgage at any time.
Amortization and Term Options
All mortgage loans have an amortization period, and a coinciding amortization schedule which tells you exactly how many payments you will make, how much those payments will be and how much your loan will cost you over time. The most common amortization periods are 15, 25, and 35 years for home mortgage loans.
NOTE: An amortization schedule is a table which shows all mortgage payments over the entire term of the mortgage, specifically how much of each payment will be applied toward principal and how much toward interest over the life of the loan.
Once you’ve decided on the amortization period, your total loan amount, plus interest, will be divided by the total number of months in the period to establish your regular payment amounts and schedule. You can choose the term that suits your personal needs, making home ownership even more enjoyable. We offer 1, 3 and 5 year terms for our closed mortgage options.
At the end of the term, you can renew the mortgage, refinance or pay the loan in full. If you aren’t ready to pay off your mortgage, renewal time is an opportunity to renegotiate for the terms, conditions and interest rate that best suit your needs.
Pre-Payment Options
Macquarie Financial offers you the convenience and benefit of the 20/20 payment privilege. This means you can increase your original payment amount by up to 20% without penalty. Or, you can make a lump-sum payment of 20% of your outstanding mortgage each year. It's another way we help you become mortgage-free faster as you build you personal wealth.
Payment Frequencies
Accelerating your payments can help you save thousands in interest and, overall, will reduce the outstanding balance on your mortgage more quickly. You can select to pay monthly, semi-monthly (twice a month), bi-weekly (every two weeks) or weekly. More frequent payments result in faster home equity accumulation.
- Monthly – your mortgage payment will be deducted every month from an account of your choice.
- Accelerated Bi-Weekly - payments are exactly half of a monthly payment amount, collected every two weeks. This option allows you to pay down your mortgage faster because you make the equivalent of one extra month’s payment per year.
- Accelerated Weekly – Your weekly payment is calculated as a monthly payment divided by four. This option allows you to pay down your mortgage faster because you make the equivalent of one extra month’s payment per year.
