Scotiabank Mortgage Rates
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Scotiabank Background
Scotiabank (TSE: BNK) is the third largest bank in Canada in terms of assets and market capitalization, and is recognized as one of Canada’s Big 5 banks. Incorporated in 1832, the bank has established itself as Canada's most international bank through extensive operations throughout Latin America, the Caribbean, Central America and parts of Asia. Since then, Scotiabank has expanded its operations to 40+ countries around the world. They provide a diversified portfolio of financial services to customers with retail banking, commercial banking, wealth management, capital markets and insurance products being sold globally. Scotiabank’s 88,000 employees across 120 countries serve 23 million customers globally.
Scotiabank Prime Rate
Scotiabank's Prime Rate is used as the basis for many of Scotiabank's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current Scotiabank Prime Rate: 2.45%
Today's Scotiabank Special Rates
Other competitive rates also available.
Scotiabank Fixed-Rate Mortgages
Scotiabank Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers.If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.79% | $1,853 |
2-Year Fixed | 2.34% | $1,762 |
3-Year Fixed | 2.24% | $1,743 |
4-Year Fixed | 2.39% | $1,772 |
5-Year Fixed | 2.49% | $1,792 |
7-Year Fixed | 2.84% | $1,864 |
10-Year Fixed | 3.24% | $1,947 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Scotiabank Variable-Rate Mortgages
| Term | Rate | Monthly Payment |
|---|---|---|
3-Year Variable | 3.20% | $1,939 |
5-Year Variable | 1.75% | $1,647 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Scotiabank Posted Rates
Scotiabank Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.
| Term Length | Scotiabank Posted Rate |
|---|
Scotiabank Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
Scotiabank Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our Scotiabank prepayment charge calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.