Repayment of loan
Conditions of loan extension
Customers who need to renew their mortgage may receive a renewal agreement to their My Mortgage account. They don’t need to do any extra paperwork or re-qualify. Renewal takes three steps. Firstly, a customer receives the renewal agreement and reviews it to adjust the conditions and rates. Secondly, they need to select the most suitable options. After that, a customer needs to sign the new mortgage agreement. Finally, they must submit the agreement, and the new mortgage term begins when the existing one matures.
The conditions may change as the client's financial and personal situation may have changed during the current term too. Upon renewal, they have the chance to adjust their mortgage to better suit their current reality.
Early payoff
First National allows the customers to pay off their mortgage faster. They offer four prepayment privileges depending on the mortgage product the customer has selected that can help them save on interest costs and pay down their mortgage more quickly. For example, a customer can pay up to 15% of their original loan amount each year, increase their regular payment by up to 15% (only for a fixed-rate mortgage), double up their payment and pay 13 months of payments in 12 months.
Prepayment charges can apply to closed mortgages if you:
Sell your house and prefer to pay out the mortgage before its maturity date;
Renew your mortgage before its maturity date;
Pay an amount more significant than your allowable prepayment privileges;
Refinance your mortgage;
Transfer your mortgage to another lender.
