Scotiabank Mortgage Rates

As of January 27th, 2021
Scotiabank

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.

Stock Information:
Listed on the Toronto Stock Exchange: TSE: BNS
Listed on the New York Stock Exchange: NYSE: BNS

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.

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
CLICK FOR A FREE CONSULTATION
Scotiabank1-Year Fixed
2.79%
$1,853
inquire
Scotiabank2-Year Fixed
2.89%
$1,874
inquire
Scotiabank3-Year Fixed
3.49%
$2,000
inquire
Scotiabank4-Year Fixed
3.89%
$2,087
inquire
Scotiabank5-Year Fixed
4.79%
$2,290
inquire
Scotiabank7-Year Fixed
5.29%
$2,406
inquire
Scotiabank10-Year Fixed
5.69%
$2,502
inquire

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

Latest Mortgage Rates

Comparing 25 major lenders, the best mortgage rates in Canada are:
5-Year Fixed: 1.33%get this rate
5-Year Variable: 1.25% get this rate
Updated January 27th, 2021

Scotiabank Variable-Rate Mortgages

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
CLICK FOR A FREE CONSULTATION
Scotiabank3-Year Variable
3.35%
$1,970
inquire
Scotiabank5-Year Variable
2.65%
$1,825
inquire

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

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 LengthScotiabank Posted Rate
1-Year Fixed
Scotiabank2.79%
2-Year Fixed
Scotiabank2.89%
3-Year Fixed
Scotiabank3.49%
4-Year Fixed
Scotiabank3.89%
5-Year Fixed
Scotiabank4.79%
7-Year Fixed
Scotiabank5.29%
10-Year Fixed
Scotiabank5.69%

Scotiabank Mortgage Break Penalty

Variable Rate MortgageFixed Rate Mortgage
3 Months’ InterestGreater of 3 Months’ Interest or the IRD amount
Interest Rate Differential (IRD) for Scotiabank
Difference between the present value amount of all interest that you owe between the time of payment to maturity and the present value amount of all interest that you would owe using a similar mortgage rate for a term similar to the time remaining, with the term rounded up if exactly between two offered terms. The Similar Mortgage Rate is Scotiabank’s current posted rate, less any rate discount you received on your original mortgage contract.

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.

What is the remaining balance on your mortgage?

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What is the term-length and type of your current mortgage?

What is your current mortgage interest rate?

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If applicable, what was the rate discount you received when you signed your current mortgage agreement?

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The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is TD Bank's current interest rate for a 5-year fixed rate mortgage?

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We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...
$2,437.502.44k

How is my mortgage penalty calculated?

$300,000300k
Remaining Mortgage Balance
cancel
3.25%
Current Mortgage Interest Rate
cancel
3/12
3-Months Interest
=
$2,437.5
Prepayment Total

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.