We specialize in flexibility
One of the lowest interest rate programs in the industry.
Financing tailored to any property type, from single-family dwellings to condominiums to investment properties and more.
A range of refinancing options, whether it’s combining existing first and second mortgages, reducing monthly payments, or consolidating high-interest debts.
A human approach to granting credit
At IC Savings we take a more personal approach to granting mortgages, considering your individual circumstances, rather than applying automated scoring models that treat everybody the same. We use a thoughtful process to guide our lending decisions. Know that we will take the time to listen to you and build a mortgage that’s in your best interest.
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How to pay down your mortgage faster
You'll be amazed at how much you can save over time by paying a little extra now. Consider these suggestions to help you lessen your debt as well as the comparison chart offered below.
- Reduce your amortization period. A shorter amortization period, or the number of years to pay off your mortgage, means paying less interest over the life of the mortgage.
- Increase your monthly payments up to 20% on your (mortgage) anniversary.
- Each year, pay up to 20% of the original mortgage on your anniversary.
- Consider a weekly, bi-weekly or semi-monthly payment schedule rather than monthly.
Whatever you decide, know that we’re here to help you choose the right strategy to save money and pay down your mortgage faster than you expected.
If, for example, you have a $500,000 mortgage at 5.49%, compare the monthly and accelerated bi-weekly interest costs for amortization periods of various durations.
| AMORTIZATION PERIOD | MONTHLY PAYMENT | INTEREST COST OVER TERM | TOTAL INTEREST COST | ACCELERATED BI-WEEKLY |
INTEREST COST OVER TERM | TOTAL INTEREST COST |
|---|---|---|---|---|---|---|
| 25 years | $3,049 | $128,814 | $414,713 | $1,525 | $126,313 | $324,888 |
| 20 years | $3,419 | $125,573 | $320,609 | $1,710 | $122,769 | $272,501 |
| 15 years | $4,066 | $119,908 | $231953 | $2,033 | $116,573 | $201,863 |
Talk to one of our experienced team members. We’ll guide you through each step of the borrowing process.
Our mortgage calculator will crunch the numbers to estimate your payments, determine when you'll be paid off and more.
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