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Advantages Common to All Our Products
All our products have several advantages
to meet your needs optimally. The main advantages are outlined below.
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Five- to 25-Year Amortization Period
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You may repay your loan over a period of between
five and 25 years. Examine your finances and your payment
capacity to determine the amortization
period that suits you best.
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Rates Guaranteed for 90 Days
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Our interest rates are guaranteed
for a period of 90 days. You can rest assured that your
rate will not be affected by any future interest rate hikes.
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Payment Frequency
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Choose the payment frequency
on your loan according to your budget. You may make payments:
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monthly,
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bi-weekly,
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weekly.
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Industrial Alliance has two other types of
payment options that allow you to redeem your mortgage more quickly:
weekly plus and bi-weekly plus.
The payments for these options are calculated
as follows:
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weekly plus: monthly
payment ÷ 2
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bi-weekly plus: monthly payment ÷ 4
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The payments according to these two options
are higher than bi-weekly and weekly payments. The difference is applied
to repayment of the principal, reducing the amortization period of your loan and saving you a significant amount of interest.
Here is an example:
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Savings According to Payment Frequency |
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Assumptions |
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Amount
of mortgage loan: $100,000
Amortization period: 25 years
Interest rate: 7% |
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Payment Frequency |
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Payment |
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Interest Savings |
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Amortization |
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Monthly
(12 per year) |
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$700.42 |
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- |
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25
years |
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Bi-weekly
(26 per year) |
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$322.36 |
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- |
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25
years |
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Bi-weekly
plus (26 per year) |
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$350.21
($700.42/2) |
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$23,108 |
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20.5
years |
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Weekly
(52 per year) |
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$161.07 |
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- |
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25
years |
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Weekly
plus (52 per year) |
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$175.11
($700.42/4) |
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$23,386 |
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20.5
years |
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Prepayment Privilege
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If your income has increased and you’d
like to accelerate repayment of your loan to save on
the total interest payable, here are two attractive options:
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make a yearly pre-payment of up
to 15% of your initial loan;
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increase your payments
by up to 15% of their amount.
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To save even more, simply take advantage of
both options.
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Transferable Mortgage Loan
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If you’re moving, let us know, and you
may be able to transfer your mortgage loan to your new residence*.
Contact
us, to make arrangements.
*Certain conditions apply.
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