You have found the best site online for affordable Scotiabank mortgage rates. We have put together a full guide to the mortgages available from Scotiabank, and we make it simple for you to begin the Scotiabank loan process. If you want a loan from Scotiabank, you only need to click on the low rates we provide on this page to begin your loan application and approval process. Keep reading to find out more about Scotiabank, and choose the rate that looks best to apply for a Scotiabank mortgage.
Find your customized rate
Mortgage providers include lenders and mortgage brokers. Lenders will provide the funding for your mortgage whereas mortgage brokers will shop your mortgage around for the best rate.
The mortgage rate is the amount of interest you will pay on the principal balance of your mortgage. This rate will vary depending on whether you choose a fixed or variable mortgage rate.
The rate hold is the length of time (usually 30-120 days) a lender will guarantee the current mortgage rate being offered.
The mortgage prepayment options allow you to either make a lump sum payment against your mortgage principal without penalty or increase your original monthly mortgage payments by a specific percentage.
The monthly mortgage payment is calculated based on the mortgage amount, amortization period, and the associated mortgage interest rate.
The details of the mortgage include the mortgage type and term. The mortgage prepayment options allow you to either make a lump sum payment against your mortgage principal without penalty or increase your original monthly mortgage payments by a specific percentage.
Scotiabank Mortgage Rates
What Kind of Mortgage Can I Get from Scotiabank?
To determine the mortgage you should get from Scotiabank, you must first know your mortgage options. Here are your choices:
All of the fixed-rate mortgages from Scotiabank feature an interest rate that remains the same throughout your loan term. This gives you maximum payment stability, making it easy to budget your funds. There are several different fixed mortgage rates that Scotiabank offers:
• Standard closed-term mortgages with a term of 1–10 years allow you to lock in some of the lowest Scotiabank mortgage rates. You cannot prepay a closed-term loan in full without incurring a prepayment penalty. However, to reduce your principal balance and accelerate your loan payoff, you can pay up to 15 percent of your original principal balance each year, increase your payment by up to 15 percent each year, or double your payment on each regularly scheduled payment date.
• A 6-month closed-term mortgage gives you a fixed rate for 6 months. You can convert this mortgage into a 1-year term or longer fixed-rate mortgage at any point during the 6-month term without having to pay a fee. You cannot pay off this loan in full early without a penalty, but you can pay it down faster according to the terms mentioned for standard Scotiabank closed-term mortgages.
• Standard open-term mortgages are also available in 6-month and 1-year terms. You will pay a slightly higher fixed rate of interest on one of these loans than on a closed-term fixed-rate mortgage, but you can prepay this loan in full at any time without having to pay any extra fees.
The interest rate on a variable mortgage rates may change from month to month during your loan term, which causes your required payment to rise and fall in tandem. This makes it a bit harder to budget your money, but the best Scotiabank mortgage rates on variable-rate mortgages tend to be lower than the interest rates charged for fixed-rate mortgages. Here are your main variable-rate mortgage options:
• Standard variable-rate mortgages are available in 5-year terms in both closed and open formats. Your early repayment options are limited with the closed-term mortgage, but you can pay down your principal without incurring a fee according to the standards given above for fixed-rate closed-term mortgages from Scotiabank. This variable-rate mortgage product is also known as the Scotia Flex Value® mortgage.
• The Scotia Ultimate Variable-Rate Mortgage has a variable interest rate that may change from month to month. There is a cap, however, on the interest rate that this mortgage will never exceed. Your mortgage payments are based on this rate, so when your variable rate is lower than the maximum rate, more of your payment goes toward your loan principal. If standard variable rates exceed the capped rate, however, you pay only the capped rate you obtained when your loan closed. This is a closed-term mortgage, but you can pay it off early according to the aforementioned standards for paying down the principal of a closed mortgage from Scotiabank.
SPECIAL MORTGAGE PROGRAMS
• The Save Now, Save Later® mortgage is a special product that gives you a discount of 0.76 percent off the interest rate for the first year and 1.25 percent off the 5-year fixed mortgage rate when you renew to a 5-year fixed closed mortgage.* This is an excellent product for those that want to maximize their savings on their mortgage loan.
*Interest rate discounts are current as of June 2012.
• StartRight® mortgages are designed for temporary and permanent residents of Canada. You can choose between a Scotia Flex Value® or a fixed-rate closed mortgage with terms ranging from six months to ten years. In addition to the mortgage, you get assistance from the bank with everything you need to become a Canadian resident.
• The Long and Short® mortgage allows you to benefit from the low interest rates charged on a Scotia Flex Value® mortgage and the predictability of a fixed-rate mortgage by giving you a loan that allocates part of your principal to each option.
• With a Scotia Mortgage for Self-Employed, you can benefit from the most affordable current Scotiabank mortgage rates and enjoy the protections you need as a small business owner or one who earns a commission-based salary.
What Makes Scotiabank Different?
With all of the different banks in Canada, it can be difficult to decide whether Scotiabank is the right institution for you. However, Scotiabank stands apart from other Canadian lending institutions in the sheer number and variety of mortgage products that it offers. Especially if you are new to Canada, you will want to choose this bank for all of the help it can give you as a temporary or permanent resident. The ability to combine the best aspects of fixed-rate and variable-rate mortgages in several Scotiabank products is also a highlight of the bank’s offerings. You can also take advantage of the bank’s less frequently used but popular loans for a second home or vacation residence when you opt for the Scotia Secondary Home® Financing Program.
How Do I Qualify for a Scotiabank Mortgage?
Individuals who have a good credit history do not typically have difficulty qualifying for a loan from Scotiabank. Nevertheless, there is an application process that must be carefully followed if you are to qualify for a loan.
First, you will apply online for loan prequalification. You can do this by clicking on one of the excellent Scotiabank Canada mortgage rates on this page. When you fill out the application, you must provide your monthly income, value of your current housing and non-housing property, joint income information for a joint application, current debt balances, and more. After you prequalify online, a Scotiabank mortgage specialist will contact you to finish your application and walk you through the loan process. In any case, if you have a good credit history, approval is fairly straightforward.
What Else Should I Know about Scotiabank?
Many people choose Scotiabank for their mortgage after they learn more about the institution’s long history. Here are some highlights:
• Scotiabank’s history began in 1832 when its first branch opened in Halifax, Nova Scotia.
• Scotiabank serves customers in more than 55 countries across the globe.
• In 2010, Scotiabank took over the financial services company known as DundeeWealth.
Get a Scotiabank Mortgage Today
After reading this guide, you should know whether a Scotiabank mortgage is right for you. If it is, click on the Scotiabank mortgage rate on this page that interests you to begin the mortgage application process.