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Friday, September 25, 2020

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We understand the entertainment industry, and the people in it.

Help me pay down my mortgage

Want to pay down your mortgage faster? You would be amazed at how much you can save over time by paying a little extra now. Here are some bright ideas to help you lessen your debt.

  1. Reduce your amortization period
  2. Increase your monthly payments by up to 20%
  3. Pay up to 20% of your original mortgage principal annually
  4. Double your scheduled payment at any time
  5. Divide your monthly payment into weekly, bi-weekly or semi-monthly installments

For Example: Reduce Your Amortization Period

Amortization is the number of years it will take to pay off your mortgage. A shorter amortization period means you pay less interest over the life of the mortgage.

Amortization Period Monthly Payment Total Interest Cost*
25 years $670 $100,870
20 years $740 $77,720
15 years $866 $55,949

*Based on a $100,000 mortgage at 6.50%, assuming a constant interest rate throughout the amortization period.

A Creative Arts Savings & Credit Union specialist can help you choose the right strategy to save a bundle of money and pay down your mortgage faster than you expected.

*Over the life of the mortgage.

COVID-19

To help limit the spread of COVID-19 virus the office is closed until further notice in accordance with the recommendations of the City of Toronto  Read more...

IMPORTANT NEWS!

Join us for an INFO Session on September 24th regarding our current VOTE for CASCU to merge with FirstOntario CREDIT UNION! Results at our Special Members Meeting on October 6th. Read more…

Deposit Insurance Reserve Fund

Did you know that deposits are insured by the Deposit Insurance Reserve Fund (DIRF)? So you can rest comfortably knowing your deposits are safe.   Learn more... 

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625 CHURCH STREET. 1ST FLOOR, TORONTO, ON  M4Y 2G1
416.642.6749  |  877.643.3660  |  info@creativeartscu.com

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