Are you a new homeowner and in need of some help to better explain your new monthly mortgage? It can be extremely confusing at times, Edmonton mortgages can be explained to you in a manner which you will understand, just ask the bank in which your mortgage is through! Your mortgage will need to be paid once monthly, you have between the first and fifteenth of the month to get it paid before you will incur a late payment. If your mortgage bank offers, you can enroll for payments to be taken out of your account bi-weekly, if you choose to do this, that means you will be paying one extra mortgage payment per year.
Because two months out of the year have an extra payday, this will bring your thirty year mortgage down to twenty six years! You may also set up automatic payments that will come directly out of your bank on the date you choose each month, so you will not have to worry about it being paid on time. Not all of the money you pay goes directly to the principle. Included in the mortgage payment are your home owners insurance, escrow monies and your property taxes. Edmonton mortgages will make more sense once your bill is explained, make sure to ask your bank for help!