Scotiabank is Canada’s international bank and is one of the leading financial services providers within Canada that operates in various other countries throughout North and Central America. They have over 24 million customers, 88,000 employees, and assets of $915 billion. They provide a wide range of financial services that range from traditional personal or commercial banking services to wealth management to corporate and investment banking.
Scotiabank Mortgage Product Rates
Scotiabank list the rates of their mortgage products on the informational pages of each mortgage products. You can find these update rates on their mortgage website at any time and use their mortgage calculator tools to get an insight into what rates are available for you.
Scotiabank Mortgage Products
- Scotia Total Equity Plan: For complete control over your mortgage product and home equity.
- Available in fixed and variable rate. Fixed rate mortgages are closed and for terms > 1 year. Open short-term fixed rates are also available.
- Can split your mortgage into different kinds of mortgage products.
- Borrow up to 80% of the value of your home.
- Comes with ScotiaLine Personal Line of Credit and Scotia Mortgage Protection.
- Fixed rate mortgages: For simplicity and security when it comes to your mortgage.
- 6 month or 1 year open mortgage: Ultimate flexibility with the choice of a conventional or insured mortgage that can be converted to a longer term. Prepayments at any time without penalty.
- 6 months flexible/closed: Start with a 6-month fixed mortgage with the option of converting to 1 year. Prepayment options are available as well as add or miss-a-payment options.
- 1, 2 year closed term: Fixed short-term mortgage that allows you to prepay up to 15%. Match-a-payment and miss-a-payment options available.
- 3, 4, 5, 7, 10 closed term: Cash back of up to 5% of mortgage value is available. This is a fixed mortgage that allows for up to 15% prepayment options. Match-a-payment or miss-a-payment allowed.
- Variable rate mortgages: More flexibility with risk-management options.
- 5 year closed term: Low rate and payment fluctuation based of Scotiabank prime rates.
- 5 year open term: Generous prepayment terms as well as offering relatively low rates and payments.
- 3 year closed term: Rates fluctuate with the Scotiabank Prime rate but can add a Cap Rate for protection. Fixed payments.
- Special Programs:
- Long and short: Mix and match benefits of short-term and long term mortgage in one.
- Scotia Mortgage for Self-employed
- Scotiabank StartRight: For those temporarily residing and working in Canada.
- Secondary Home mortgages
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Other Scotiabank Products
As a fully registered financial institution, Scotiabank offers a wide range of financial services. These include traditional banking services and products such as cheque and savings accounts, a number of credit card products, loans and lines of credit, investment opportunities, and various forms of insurance.
Scotiabank Mortgage Pre-Approval
You can apply for pre-approval online from within the Scotiabank website. Depending on what kind of product you are interested in, you will need to provide slightly different information. The process is quick and simple. If you are applying with a co-applicant you will need access to their basic information as well.
You can also contact a Home Financing advisor over the phone (1(877) 303-8879) or personally visit a branch near you.
Scotiabank Mortgage Application process
Once you have applied for pre-approval and you might the requirements, you will be contacted by a Home Financing Advisor that will guide you through the remaining steps until your mortgage is finalized.
You will need to provide:
- Your monthly income
- Value of assets and liabilities
- Co-applicant and/or spouse’s information
- Monthly expenses
- Current mortgage details (if any)
- Details of new property.
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