Every financial planner will tell you to pay yourself first. I know, I know..... when you have a ton of debt it's enough to make you laugh and say "yea right". But what if there was a way you could have a great big mortgage and some savings.
On of my favorite mortgage products is Scoitabank. As a mortgage broker I can go to any lender but if you get me to help you arrange your mortgage I will for sure be looking at this product because I am big believer in paying yourself first. Confused? Stick with me.
Scotiabank has a prepayment privilege they call 15% + 15% and double up. You can make lump sum payments to your mortgage up to 15% of the original amount you borrowed during a 12 month period, you can also increase your monthly payment by 15% in a 12 month period, and you can double up any payment on your mortgage. Any extra money you can "lump" down on your mortgage will save you buckets of interest because it is coming right off the principal. But here's the best part. For every payment you double up you can skip a payment later on.
I encourage my clients to take full advantage of the "double up" feature. Think of it as a reverse savings account. If you double up a payment the "double up" portion is your emergency savings acct. It will decrease the amount of your principal so you are not paying interest on the funds. Try to get at least 3 months under your belt and then you will have a secure little nest egg for a rainy day. If life hits a bump in the road you can contact your branch and request to skip payments that you have built up in your account.
This is a simple way to accomplish getting out of debt and paying yourself first. I am very big fan of the tax free savings accounts but a lot of people focus on being in debt and never get around to saving for a rainy day.
If you already have a Scotiabank mortgage you might want to look into this feature. If your mortgage is up for renewal and you would like to explore this idea as part of your financial plan I would be only too happy to help you. You can email for details.
How I Got My Ex Husband Back...........
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