Our guide to Scotiabank mortgages
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Discover the methodologyWhen it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at Scotiabank mortgages and their current rates.
About Scotiabank
Scotiabank was founded in 1831. They are one of the leading banks in the Americas. Scotiabank's four core values are respect, integrity, accountability and passion. As well as mortgages, they offer a wide range of products including investing, borrowing and credit cards. The bank has amalgamated with several other Canadian financial institutions through the years and purchased several other banks overseas.
Our review of Scotiabank
Scotiabank's website features their Mortgage Centre. This makes it easy for you to navigate their website and determine your mortgage plans. With 4 mortgage options to choose from (first-time home buyer, buying your next home, renovating your home or buying a secondary property), ScotiaBank makes available all information, tools and resources you need when choosing your mortgage. We like that you have the option to complete your mortgage application fully digitally with eHOME.
Scotiabank mortgage pros and cons
Here are some of the advantages and disadvantages of Scotiabank mortgages:
Why Scotiabank might be right for you:
One of Canada's largest lenders
Access to a variety of complementary bank services
Most of the mortgage rates are negotiated on a case-by-case basis
Why Scotiabank might not be right for you:
Strict lending requirements
Working with a major banks can mean less personal service.
Be mindful of cross selling
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does Scotiabank offer?
Below is a table showing some details about the different mortgage plans Scotiabank offers. Most providers will offer a variety of mortgage options.
| Coverage type | First-time home buyer | Buying a second home | Buying a secondary property | Renovating my home |
|---|---|---|---|---|
| Plan options |
|
|
|
|
| Apply online |
What mortgage rates does Scotiabank offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates Scotiabank offers:
Rate Type | Term Length | Rate |
|---|---|---|
Scotia Ultimate Variable (closed) | 3 years | 3.60% |
Scotia Flex Value (closed) | 5 years | 2.90% |
Scotia Flex Value (open) | 5 years | 6% |
Fixed-closed | 1 year | 2.79% |
Fixed-closed | 2 years | 2.89% |
Fixed-closed | 3 years | 3.49% |
Fixed-closed | 4 years | 3.89% |
Fixed-closed | 5 years | 4.79% |
Fixed-closed | 7 years | 5.29% |
Fixed-closed | 10 years | 5.69% |
Short-term (open) | 6 month | 5.75% |
Short-term (open) | 1 year | 5.75% |
Short term flexible/closed | 6 month | 4.45% |
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact Scotiabank?
You can contact Scotiabank by calling:
1-800-472-6842 It is available 24/7 to help you.
Our Scotiabank mortgage calculator
Want to calculate what your Scotiabank mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance
