PC Financial Mortgage Calculator
How to Estimate Payments
Your PC Financial mortgage payments are based on the purchase price or renewal amount of your property, the size of your down payment (applicable for new home purchases only), the amortization period you’ve selected and your mortgage rate. All of the information can be placed into the mortgage calculator, which will then provide you with an estimate of your mortgage payments.
About PC’s Mortgage Rates
Being a predominately online bank, PC Financial is able to pass on the savings to you through lower mortgage rates and higher interest rates on savings accounts. This can be seen in lower posted mortgage rates relative to its competitors.
PC Financial also gives you the ability to earn PC points based on the size of your mortgage. For example, a $200,000 mortgage will earn you $500 worth of PC points. Keep in mind that this offer is not available on all PC Financial mortgages, and it’s also possible to save a lot more money by shopping around for a lower mortgage rate.
PC also allows you to convert your variable rate mortgage to a fixed term mortgage of three years or more at any time without a pre-payment charge. It’s important to know that PC Financial’s variable rate mortgages are based on CIBC’s prime rate.
Also, PC Financial offers the option to skip a payment, which is only available on uninsured PC Financial mortgages. In order to qualify for the so-called Rainy day option, the property must be owner-occupied and you must have a clean repayment history for at least six months. With that being said, skipping a payment is not the best option to free up cash flow. This is because the interest portion of your skipped payments gets added to the principal of your loan balance and you’ll be required to pay interest on the interest.
Looking to lower your payments
Comparing your PC mortgage rate to other providers will help you find the lowest mortgage rate in the market. You can also enlist the help of a mortgage broker who can look at all of the mortgage rates available and find you a mortgage that meets your needs at a lower rate.
To further decrease your mortgage payments, look into increasing the amount of your down payment or extending your amortization period.