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Comparemyrates.ca finds you the best mortgage rates by Scotiabank to assist you in choosing the best rate or empowering you with the most up to date bank rates.
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.
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 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.
Click here to compare Scotiabank latest mortgage rates or visit their website to filling out the online mortgage application form. You can also speak with the mortgage agents of the bank by dialing 1-888-990-9923. Coordinate with one of the bank’s accredited mortgage brokers to begin the process of your mortgage application.
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.
Ensure that you have the information below for the quick processing of your application and get your desired Scotiabank mortgage product:
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 institution in North America today. With about 90,000 emplyees 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.
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 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.
Scotiabank uses the current prime rate in all of Canada, which is 2.70%. Although banks can have their own prime rate, the Big Five banks usually have the same prime rates.
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.
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 offers a wide range of mortgage products to cater 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.
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.