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Wednesday, June 26, 2019

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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.

AGM Notice

Please join us for the 10th Annual General Meeting of the Creative Arts Savings & Credit Union Limited scheduled to be held on Tuesday May 28th, 2019 at 625 Church Street, 2nd Floor, Toronto, Ontario, at 1:00 pm.    Read more...

Look Who's Talking

Shelley Cook recalls a time when she approached one of the big banks for a loan. “I told them I was a stunt girl and they said ‘Do you have a real job?’ “ Read more...

Deposit Insurance

Did you know that deposits in Creative Arts Savings & Credit Union are insured by the Deposit Insurance Corporation of Ontario? 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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