Wednesday, April 24, 2013
- Albertans say mortgages can be paid off faster without affecting lifestyle
#yyc #yycre #calgaryfirsttimehomebuyers #buyinganewhome #movingtocalgary
The Scotiabank recently released the results of a survey showing that a significant amount of Alberta mortgage holders have said that it is possible to pay off their home without even noticing a difference, encouraging news to many people interested in buying a home in the province.
According to the survey, 69 percent of Alberta mortgage holders said they can pay a mortgage faster without affecting their lifestyle, compared to 67 percent of Canadians who said the same thing.
"Sometimes when people think about speeding up their mortgage payments, they get into the mindset that their only option is to make a large lump sum payment in order to make a real dent," David Stafford, managing director of real estate secured lending at Scotiabank, told the Calgary Herald. "While periodic lump sums and even switching to bi-weekly payments are great options, increasing your payments by small amounts, like $20 per month, can have an incredible impact over the years. This small amount translates into paying off your mortgage years sooner and every dollar that you don't have to pay interest on for a 20- or 30-year mortgage can add up to real savings."
endorsed by: www.thesportsrealestateguy.com
posted in General
at Wed, 24 Apr 2013 08:29:05 -0600