Renting an apartment is like borrowing a home from someone else – it’s never really yours. In contrast, owning a home allows you to experience the pride of ownership, and the satisfaction of knowing you’re making a smart investment.
Buying doesn’t necessarily cost more than renting. And since a home is something that can increase in value over time, the sooner you become a homeowner, the sooner you can benefit.
When you add it all up, there’s really no better time to purchase your first home than right now.
What could your rent payments buy you?
See how much mortgage you could afford, based on the amount of rent you pay.
Be Ready to Make an Offer
If the perfect home comes along, you may need to act quickly, especially in a competitive housing market. With a Pre-Approved mortgage, sellers know that you’re creditworthy, and you have the ability to make an offer right on the spot1. With Scotia’s 120-day Rate Guarantee2, you can spend up to four months to close the sale of the right home, without having to worry about changes in interest rates.
Don’t Let the Down Payment Hold You Up
Usually, the biggest hurdle to homeownership is coming up with a down payment. On top of that, there are all of the unexpected expenses that often come along with a new home.
If you’re a first-time homebuyer, there are solutions that can give you the money you need to get into the housing market.
The Scotia® 100% Mortgage Program
With this mortgage, you can borrow the full amount of the property value you want to buy3. You can also choose from a variety of mortgage terms and products, and take advantage of pre-payment privileges to be mortgage-free faster.
Scotia Free Down Payment® Mortgage
Choose this option if you want an affordable 5- or 7- year fixed rate mortgage that pays the 5% minimum down payment required for financing purposes for your home purchase4.
RRSP Home Buyer’s Plan
If you have savings in an RRSP, you may be eligible for the RRSP Home Buyer’s Plan. This permits you and your spouse to withdraw up to $20,000 tax-free from your RRSP towards a down payment, with up to 15 years to completely repay the money back into your RRSP. Certain restrictions apply.
1 Subject to the home meeting our residential guidelines.
2 Subject to change without notice.
3 Subject to your home meeting Scotiabank and CMHC/Genworth Insurance credit and lending criteria for residential properties. Full financing will be provided on mortgage funding date. Any initial deposits required prior to this date will be the customer’s responsibility.
4 Available only for new residential properties insured through CMHC/Genworth Insurance. Scotiabank will provide an amount equal to the 5% down payment to the solicitor on date of advance. Borrowers are required to repay a pro-rated amount of the 5% down payment received if the mortgage is paid out, assumed or renewed before maturity.
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