Mortgage Solutions: How Canadians Can Get Into a Home Sooner?

Submitted by Jasmina on Sat, 2007-04-07 13:14.

Listen to Scotia Bank’s Find the Money Podcast #8 and learn about perceived myths that prevent people from owning a home. Alison Strimas, Vice-President, Mortgages at Scotiabank describes how Canadians can get into a home sooner and gives advice to those who are still renting:

For the renters that are listening, I would suggest that they do a little bit of research. You’d be amazed at what you’re paying in rent on a monthly basis equates into a mortgage. For example, a $1,300 monthly rent payment could equate to approximately a $200,000 mortgage. And there’s all sorts of support pieces out there… especially on the internet, there’s calculators. We ourselves at Scotiabank.com have a rent-or-own calculator, so that renters can actually do a comparison to see if that’s an appropriate decision for them to enter the housing market.

You could take a zero down-payment type of mortgage, and feel very secure, especially for the first-time home buyer that you can afford this. And additional funds that you did have could be used for things like renovations, home improvements, furnishings if that would be the case, or just the sheer cost of closing the house and moving your belongings.

Download the MP3 & read the transcript.