Scotiabank Mortgage Rates
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Whether you’re buying your first home, another property or purchasing a home for retirement and need guidance, Comparemyrates.ca has all the conveniences you require to make an informed and well researched decision. If your preference is to obtain an Scotiabank mortgage, we connect you with mortgage brokers who will work on your behalf and assist you in deciding the best option. Or let us do the work for you, by answering a few simple questions and requesting a quote, we will find you a mortgage broker who will best suit your requirements.
Overview of Scotiabank Mortgage Rates
In addition to the usual fixed and variable mortgages, Scotiabank offers a wide range of specialized mortgage products to suit the different mortgage needs of their clients.
- Scotiabank Long and Short Mortgage –If you are looking to get a short-term low-interest rate along with the security of a longer fixed rate mortgage, then this is the mortgage for you. The Long and Short Mortgage is under the Scotia Total Equity Plan, which will enable you to split your mortgage into different types of mortgages.
- Scotia Secondary Home Mortgage–A simple loan option if you want to buy your second home for a child away at school or if you are looking to buy an investment property. You can choose either fixed or variable rates for the full term.
- Scotia Mortgage for Self-Employed –This mortgage gives access to any Scotiabank home financing solution to individuals who are self-employed or on a commission based employment. It even allows qualifying for a mortgage with as low as 10% down payment.
- Scotiabank StartRight–This home mortgage plan is suitable for temporary residents who are looking to buy a house while living in Canada, and for Permanent Residents who have been living in Canada for 5 years or less.
- STEP – Scotiabank Total Equity Plan – The STEP financing plan allows borrowing up to 80% of your home value and gives you options on how to manage the interest rate by allowing you access to any Scotiabank financing products. This plan is ideal for someone looking for more control over their mortgage by taking advantage of their home equity.
Scotiabank also offers a host of online resources such as STEP calculator, Student Calculator, to help you find the best mortgage solution to your needs. We bring you the best mortgage interest rates available in Canada.
Scotiabank Mortgage Pre-approval
It only takes about 20 minutes for a Scotiabank mortgage pre-approval application to be completed. Then the bank will inform you of the result within three business days by phone. Once approved, a Scotiabank mortgage specialist from your preferred branch will connect with you to complete the process.
Scotiabank Mortgage Application Requirements
Ensure that you have the information below for the quick processing of your application and get your desired Scotiabank mortgage product:
- Monthly income
- Current Monthly housing expense confirmation (or Rent receipt)
- Total current asset value (Savings, investments, properties, and vehicles)
- Current mortgage, loans and credit cards balances/monthly payments (including property taxes)
- Information on the new property you are looking to purchase
- For a joint mortgage application, your spouse/partner’s financial details
Scotiabank Other Available Products
Scotiabank provides banking solutions from chequing accounts, savings accounts to student and senior accounts. Along with Mortgages, Scotiabank also offers a host of credit cards, which include low-interest cards and reward cards for different financial needs. Scotiabank GICs are also available in different terms yielding high-interest rates.
The Bank of Nova Scotia, operating as Scotiabank, the 3rd largest bank in Canada is one of the best financial institutions in North America today. With about 90,000 employees around the globe, the bank has rapidly grown since its first branch in Halifax, Nova Scotia way back in 1832. Scotiabank and its affiliates are now catering to more than 23 million clients in over 50 countries, offering a great variety of personal and corporate financing products, including loan, insurance, investment and other banking offers and services.
Scotiabank Prime Rate
A Prime Rate is an annual interest rate that Canadian banks and other financial institutions use to base their interest rates for mortgages, loans, credit cards, and other variable financing products. This rate is based on the incurred expenses of financial institutions when they borrow money. The Bank of Canada (BoC) is the one responsible for setting the target for the overnight rate, which is the interest rate that affects those incurred expenses. Essentially, when banks raise their prime rates, it means BoC has also raised the overnight rate. Thus, making it more costly for the banks and other financial institutions to borrow money. When the overnight rate is lowered, the prime rates will also go down by the number. However, there were times when some banks have not decreased their prime rates even though BoC has lowered the overnight rate.
How are Scotiabank mortgage rates affected by the prime rate?
For customers with fixed mortgage rates, the same interest rate for the whole mortgage term would apply (regardless of the changes with the bank’s prime rate). On the other hand, variable mortgages will have the same rate as the prime rate, plus or minus a small percentage.
How are Mortgage Payments Estimated?
The computation is quite simple. Click here for our range of Mortgage Calculators to help you. Just enter your purchase price or mortgage renewal amount, the mortgage amortization period, the mortgage rate and the down payment amount, then you will know the estimated payments for your mortgage.
Scotiabank Mortgage Rates
Scotiabank offers a wide range of mortgage products to cater to the different financing needs of its clients. There is the Secondary Home Financing, which is available to those who want to purchase a second property. Long and Short Mortgage, which splits your mortgage into a short-term low-interest rate at one point and a long-term fixed rate in the other half. Scotiabank also offers Scotia Mortgage for Self-Employed, which (as the name suggests) is available to self-employed individuals and even commission based employees.
How to lower your mortgage payment?
Finding the lowest interest rate for your mortgage will automatically lead to a lower mortgage payment. To do so, you can either hire a mortgage broker or compare the rates of different lenders yourself on our website. In addition, you can further lower the mortgage payment by giving a bigger down payment or prolonging the term of your mortgage.
Scotiabank Mortgage Calculator
Use the Scotiabank Mortgage Payment Calculator below to get the lowest mortgage rates currently offered by Scotiabank. First, determine what you want to calculate, which can be payment, mortgage amount, or amortization. To know your full mortgage, press Mortgage Amount. Enter the Amortization period, which can be up to 25 years. Add your monthly repayment for the mortgage. Choose your payment frequency then the corresponding interest rate of the mortgage. Note that the bank may provide you with a custom rate. If there are other prepayments, press Add Additional Lump Sum prepayments. The important details of your mortgage can be seen on the right.
How much interest can you save on your mortgage? The Mortgage Payment Calculator helps you determine how much interest you save or how much of a mortgage payment you can afford with just a slide or a dropdown. Our side by side comparison scenarios allow you to compare various options without having to write anything down or remember to assist you in making an informed decision. Immediately view your results in Chart or Graph format.
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