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www.scotiabank.com/homeownership
Putting a hefty lump-sum down payment onto a property isn't the right solution for everyone, but it's a good starting point
for many.
Whether you're a first-time buyer or an existing home owner looking to move to your next home, the first step is calculating how much you can put into a down payment. After figuring out a comfortable fit, you'll be able to hash out the rest of your plan.
www.scotiabank.com/homeownership
Time is a major factor when it comes to paying down your mortgage - the reality is that some will be able to pay off their mortgage quicker than others.
While a 25-year amortization period may be right for one family, a quicker payment schedule on a similarly-sized loan may be the route for another. Speaking with a Scotiabank advisor is an efficient way to tailor a plan to pay your mortgage as fast you can, whether you're working with a fixed or variable rate.
www.scotiabank.com/homeownership
Interest accumulates over time, so being able to pay into your mortgage more frequently will help you in the long run.
For instance, making two separate payments of $500 through a bi-weekly schedule may seem the same as a monthly payment of $1,000, but paying bi-weekly will actually end up saving you a lot of interest over time. In the end, paying more frequently should drastically affect how much interest you're paying during the entire amortization period.
www.scotiabank.com/homeownership
If you're looking to buy a second property, there may come a time when you need to take out a second mortgage.
Being able to balance payments on both loans is important to keeping you afloat financially. Scotiabank's Mortgage-Free Faster Calculator** can help you manage your investments by analyzing the interest rates and payment frequency on both loans, giving you a good idea of how to pay down your debt.
www.scotiabank.com/homeownership
Life is unpredictable. While you may be comfortable with your current home, the needs of your growing family can leave you wanting some extra room.
If you're planning for the future, it may be time to upsize your home, a move that may lead you to upsizing your mortgage. Finding the house that’s right for you and dealing with all that comes with that can be complicated. The job of a Scotiabank advisor is to make sure that your mortgage will work for you based on your particular circumstances.