Things to Consider Before You Move

Things to Consider When Buying Your Next Home

A lot can change over a lifetime, meaning that the house you bought at age 30 may no longer be the right home for you by age 40, 50 or 60.

There are many reasons you may want to 'upgrade' to a new house. Perhaps your family is growing or your household finances have improved. Maybe the value of your home has risen, enabling you to consider a larger home, a better location or a house with more perks.

Whatever the reason, your financing choices vary depending on whether you are currently mortgage-free, or have a mortgage, and whether you're in the midst of, or at the end of your mortgage term. For example, a homeowner with an outstanding mortgage may be able to port their existing mortgage to the new home*, and with a Scotia Total Equity® Plan**, they could add a second component, if needed, for the extra funds required.

But what about downsizing to a smaller home? You might like this idea if you no longer need room for grown children. Or perhaps you could live comfortably in a smaller space, turn that surplus home equity into cash, and reinvest it more effectively. You can also reduce housing costs and taxes, as well as mortgage costs, depending on your circumstances.

Again, your financing options are many, depending on whether you are mortgage-free or have a remaining mortgage balance. The benefits of this strategy are numerous, since you can use the extra funds from the sale of your current property to lower your new mortgage balance or use the proceeds from the sale of your house for other priorities, like saving for retirement.

Since these are just a few scenarios, a Scotiabank Advisor can help review your options, including ways that Scotiabank's innovative borrowing solutions can make it possible. For example, a Scotia Total Equity® Plan could be a great option since it enables you to borrow based on the value of your home and you can combine multiple borrowing products to give you flexibility for the future.

Start by talking with a Scotiabank Advisor to discover ways to obtain the right home for your current needs, unlock your home equity and develop a financial plan that reflects your changing priorities and future goals.

Suggested tools

Unlock your equity with STEP

Use the Scotia Total Equity Plan to tap into your home equity. You’ll save with lower rates and get the funds you need to reach your goals.

Mortgage calculator

Find out what your mortgage payments will be, so you can ensure your mortgage fits your budget.

Prepayment calculator

Find out what your mortgage prerepayment charge will be, so you can be mortgage-free faster.

Plan today for a secure tomorrow


Maintain the home and lifestyle you’ve worked hard to build.

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