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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 if interest rates drop
Increasing your mortgage payments by just 15% and switching to a bi-weekly payment schedule can significantly reduce your borrowing costs. Even if you start out with an extended amortization period, this strategy can help you be mortgage-free years ahead of schedule. Use the Mortgage Payment Calculator to see how changing payments can save you thousands in interest.
Tailor Your Mortgage to Your Life
At Scotiabank, your mortgage is designed to fit your life, not the other way around. Ask your Scotiabank Representative how these mortgage features can give you added flexibility and savings.
15% + 15%® privileges
Pre-pay up to 15% of your original principal each year, and increase your scheduled monthly and increase your scheduled monthly payment by up to 15%.
Match-a-Payment® option
Double your mortgage payment on any scheduled payment date without fee or penalty.
Miss-a-Payment® option
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
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
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.
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