Diversify your mortgage

Video Transcript

ANNOUNCER:

Here’s a thought; imagine becoming mortgage-free sooner. By taking years off your mortgage you would save thousands in interest. Tens of thousands actually, letting you keep more of the money you work so hard for. With the flexibility of STEP, our Scotia Total Equity Plan, you can make it happen.

Now, you’re probably familiar with fixed and variable rate mortgages. Fixed means you’re locked in at a certain interest rate, while variable means your interest rate is subject to change. But did you know you could combine the two with STEP? By choosing a mix of fixed and variable rates your mortgage could become more flexible and better able to take advantage of, not to mention protected against, changes in the markets and with interest rates. When you don’t have all your eggs in one basket you can take advantage of low interest rates in the short term while protecting against interest rate increases over the long term.

Another option is combining a short, say a one-year, with a long five-year term mortgage to create a rate that is a blend of both. Splitting your mortgage is a great way to pay down your mortgage sooner and guard against interest rate fluctuations.

Find out how you can become mortgage-free sooner. Start out by talking to a Scotia advisor, who can build the right plan for you.