What are my “payment frequency” options? The two most common payment frequencies are monthly and accelerated bi-weekly payments, although the option does exist to do semi-monthly,...
What does it mean to have a “monthly” payment frequency? This is your standard payment frequency and allows you to make 12 equal payments on the same day of every...
What does it mean to have an “accelerated bi-weekly” payment frequency? By arranging your mortgage payments to be paid in an accelerated bi-weekly way, you can actually see some significant savings...
What is the “contract rate”? The contract rate of a mortgage, is exactly what it sounds like – it’s the rate you’ll find in your...
What is the benchmark rate? (aka qualifying rate) Often, lower rates are offered for shorter terms or for variable rate mortgages. Short term and variable rate mortgages are...