8 | Consume Guid 2015 mbabc.ca
Lif change, d
mortgag need
Retiremen loom
As one ages, lifestyle options change too. Consider:
• Acquiring a revenue property for extra cash fl ow as you head
into retirement;
• Accessing the equity in your home to fi nance 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
di erent life stages
and maintaining a
mix of mortgage
products can help
you reach your
fi nancial goals.
Movin u
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.
Buildin equit
Paying down your mortgage is often a
priority. Consider:
• Making lump sum payments on
your mortgage;
• Raising payments along with
increases in income.
Firs hom mortgag
As you prepare to buy your fi rst 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
