Your mortgage is up for renewal which means you have options. Before you decide what to do here are a few things to reconsider.
Interest Rate
Review the current interest rates available. The Police Credit Union has many mortgage terms to choose from. Speak to your Financial Services Officer to determine which term would be best for you.
Type of Mortgage
What type of mortgage do you have? Fixed or variable? Open or closed? Your Financial Services Offcer will speak with you to help you determine which is the best option for you.
Amortization Period
Refers to the length of time it takes to pay off your mortgage. If your financial circumstances have changed and you can afford to pay a little more towards your mortgage you may want to reduce your amortization period and save on interest costs.
Payment Period
Can you pay your mortgage more frequently than monthly? If you choose to make accelerated bi-weekly payments this will help pay off your mortgage faster and reduce the amount of interest you pay.
Lump-sum Payment
When your mortgage comes up for renewal this is the opportunity to make a lump-sum payment to bring down your mortgage balance. There is no limit to how much you can put towards your mortgage upon renewal.
Other Debts To Combine
Do you have other debts to combine? Many of our members choose to refinance their mortgage upon renewal to take advantage of the equity in their home to pay off higher interest rate debt. Copy Text
Insurance
Mortgage insurance such as life, disability and critical illness is available. You can leanr more about other insurance types that The Police Credit Union offers by visiting our Protect page.
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