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If you already own a home with a mortgage at any bank, you’ve got something that can help give you the Upper Hand in lowering the cost of borrowing: you’ve got equity.
Equity is the value that you’ve built up in your home, and it’s roughly made up of your down payment, the principal payments you’ve made on your mortgage, plus any increase in your home’s value.
To figure out the rough amount of equity in your home, take the price you could reasonably expect to sell it for, and subtract the amount you have left owing on your mortgage. That difference is your equity.
You could be approved to borrow up to 80% of the value of your home with the ScotiaTotal Equity® Plan – to save you hundreds of dollars a year in interest costs. Scotia Total Equity® Plan uses the power of the equity in your home to reduce your borrowing costs.
Here's an Idea of How it Works:
Imagine your finances are like this see-saw.
On one end, you could have a line of credit – for things like a vacation or a small renovation; a term loan – for a car or a larger renovation; and a credit card – for everyday purchases. Each carries a set interest rate.
Now, on the other end you have your home.
With Scotia Total Equity® Plan, you can use the equity you’ve built up in your home to secure those other borrowing solutions and enjoy lower interest rates. This saves you money and gives you increased control and flexibility with your borrowing, too.
If you have a regular mortgage, heres what the interest rates might look like on your other borrowing solutions:
Your line of credit (5.25%)
Your car loan (11.75%)
And your credit card (11.40%)
But with Scotia Total Equity Plan, using the equity could help lower those rates:
[Dissolves to…] (3.25%)
[Dissolves to…] (7.49%)
[Dissolves to…] (9.40%)
Look at how much you could save in a year
Once you have Scotia Total Equity® Plan in place, you have access to these funds whenever and however you need them, with no need to reapply. And as the equity in your home grows, and your needs change, you can easily select the products that best meet your needs - Scotia Total Equity® Plan evolves with you.
Plus, you can choose the ScotiaGold Passport VISA – the card that rewards you for your home-related purchases - at half the regular annual card fee.
To Learn More
Scotia Total Equity® Plan calculator. It allows you to input your own numbers so you can see how much money you can save.
Then, contact a Scotiabank branch, or a local Mortgage Specialist, to design a Scotia Total Equity® Plan that's right for you.
FINANCING HOME Renovations
Renovations are an ideal way to increase your enjoyment of your home and add value. Here's a tip: on average, a kitchen renovation provides a 72% payback on your investment, while a basement renovation provides only 49%. Knowing what your renovation will return can give you the Upper Hand when deciding where to spend your renovation dollars.
We offer tools and calculators to help with many of your renovation financing questions and point you in the right direction. With the right information, you've got the Upper Hand.
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