Choosing the Right Payment Frequency for you
Learn all of your mortgage repayment options including biweekly and accelerated biweekly options.
As a matter of convenience to a client, lenders allow several options for your mortgage payment frequency. One option in particular that requires a bit more explaining would be when considering regular bi-weekly, and weekly payment options along with accelerated (or rapid) payment options. These are usually discussed in greater detail when you receive your mortgage commitment and again when you sign at the lawyer's office or with your closing agent ( First Canadian Title (FCT) or Fidelity National Financial (FNF Canada).
The one major difference between regular and accelerated payments is how the payment is calculated. With an accelerated payment option, you end up making roughly one extra payment a year. It’ll cost you a little more on a monthly basis, but can save you thousands in interest over the life of your mortgage and help you pay off your mortgage sooner.