8 | Consumer Guide 2015 mbabc.ca
Life changes, so do
mortgage needs
Retirement looms
As one ages, lifestyle options change too. Consider:
• Acquiring a revenue property for extra cash flow as you head
into retirement;
• Accessing the equity in your home to finance options
like travel or helping children with down payments for
their own homes.
Perhaps you are
moving from a
city condo to the
suburbs or trading
in the zippy small
car for a van –
there are many
different life stages
and maintaining a
mix of mortgage
products can help
you reach your
financial goals.
Moving up
A growing family often means a
move up to a larger home. Mortgage
strategies to consider are:
• Consolidating high-interest credit card
debt with lower-cost mortgage financing;
• Looking into mortgage portability
if there is a chance you may be
transferred to another city.
Building equity
Paying down your mortgage is often a
priority. Consider:
• Making lump sum payments on
your mortgage;
• Raising payments along with
increases in income.
First home mortgage
As you prepare to buy your first home
consider:
• Building a good credit history;
• Weighing your down payment
options.
1
Make sure your mortgage
options can adapt as your
housing needs evolve.
2
Buying a vacation property
for the family to enjoy.
4
Develop a strategy to wind down your debt.
3
Consider a line of credit as
part of your mortgage to
manage larger purchases
or renovations.
NEED TO KNOW
