Prepayment Privileges

At Esto Mortgage, we believe in providing our clients with flexibility and the opportunity to manage their mortgage on their terms. That’s why we offer prepayment privileges as part of our mortgage solutions. Prepayment privileges allow you to make additional payments towards your mortgage principal, helping you pay off your mortgage faster and potentially save on interest costs. This page provides an overview of the prepayment privileges available to you.
Lump-Sum Payments: Lump-sum payments refer to making a one-time, significant payment towards your mortgage principal. These payments can be made at any time during your mortgage term, allowing you to use any extra funds you have available to reduce your outstanding balance. Lump-sum payments can help you pay off your mortgage sooner and potentially save on interest costs over the life of your loan.
Increased Regular Payments: Increased regular payments involve adjusting your regular mortgage payments to a higher amount. By increasing your regular payment amount, you allocate more money towards your mortgage principal with each payment. This approach helps you build equity in your home more quickly and reduces the overall interest paid over the life of your mortgage.
Double-Up Payments: Double-up payments allow you to make an additional payment that equals your regular mortgage payment amount. This payment is applied directly to your mortgage principal, helping you pay down your mortgage faster. Double-up payments can be made on a schedule that suits your financial situation, whether it’s monthly, semi-annually, or annually.
Mortgage Renewal Prepayment Options: When your mortgage term is up for renewal, you have the opportunity to reassess your financial goals and make changes to your mortgage. During the renewal process, you can take advantage of prepayment privileges to adjust your mortgage and incorporate prepayment options that align with your current needs. This ensures that you continue to have the flexibility to make additional payments towards your mortgage principal.
It’s important to note that prepayment privileges can vary depending on the mortgage product and lender. Some mortgages offer more flexibility, allowing for larger prepayment amounts or more frequent prepayments. Our team at Esto Mortgage will guide you through the available prepayment privileges specific to your mortgage and help you understand any associated terms or conditions.
Taking advantage of prepayment privileges can have significant benefits, including reducing your mortgage principal, saving on interest costs, and achieving mortgage freedom sooner. Our mortgage professionals are dedicated to helping you explore and utilize prepayment options to optimize your mortgage strategy.
Contact us today to learn more about prepayment privileges and how they can accelerate your journey towards homeownership and financial freedom.

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