Courtesy of your Scotiabank Mortgage Specialist  Chris Maxwell-Smith

Choosing a mortgage is a big step. The range of options may seem confusing, but we will work together to make a choice that provides affordable payments today and flexibility for the future.

If you want to know exactly what your interest rate and mortgage payment will be over the term of your mortgage, you might consider a Fixed Rate. The key benefit is that your rate is fixed for the term of your mortgage and your payments will not increase if interest rates rise.

If you’re comfortable with fluctuations in your inte rest rate and mortgage payment, you might consider a Variable Rate. With some variable rate mortgages, your rate and payment go down and up with interest rate movements. Others have fixed payments even if interest rates change. As interest rates drop, more of your payment is applied to your mortgage principal. If rates rise, more is applied to interest.

If you’re not sure whether to go with a fixed rate or variable rate mortgage, you might consider the Long and Short^® Mortgage. This plan splits your mortgage between fixed and variable rates, allowing you to take advantage of potential rate decreases while also protecting yourself from potential increases.

There are many convenient ways to pay off your mortgage sooner. The faster you pay off your mortgage, the less money you’ll spend on interest. Here are some tips to help you get mortgage-free sooner:

• Make more frequent payments
• Make the largest payments you can afford
• Use your salary bonuses and tax refunds to pay down your principal
• Choose a shorter amortization period
• Keep your payments the same, even if interest rates drop

 Increasing your mortgage payments by just 15% and switching to a biweekly payment schedule can make a big difference to your mortgage term. Even if you start with a 35-year amortization period, this strategy can help you be mortgage free years ahead of schedule.

 Payment Options:

15% + 15%^® - Allows you to pre-pay up to 15% of your original principal each year and increase your scheduled monthly payment by up to 15%.

Match-a-Payment^® option - Allows you to double your mortgage payment on any scheduled payment date without fee or penalty.

Miss-a-Payment^® option - Allows you to skip one or more payments without penalty, up to the amount of any lump sum prepayments or additional payments you’ve made, using the Match-a-Payment option.

Blend and Extend option - If you have a fixed rate mortgage, you have the option to blend your existing interest rate with the current rate and extend to a term of your choosing.

Portability option - Allows you to take your Scotiabank mortgage with you if you move to a new home, at the same interest rate for the remainder of its term.

Rate Blending option - Allows you to combine the mortgage on your current home with additional financing for your new home at a blended interest rate. No interest penalty or administration fees will be charged.

Courtesy of your Scotiabank Mortgage Specialist

 Chris Maxwell-Smith  GTA, Mississauga and the Surrounding Areas.

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 Tel: 647-234-5575