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.
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.
Scotiabank Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if their prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
Scotiabank offers two StartRight mortgage programs: one for temporary residents, and one for new permanent residents. The StartRight Mortgage Program for Temporary Residents is for those who want to buy a home while they are staying in Canada, such as foreign workers or international students on a study permit. Scotiabank offers fixed-rate mortgages with terms for as short as 6 months. The StartRight Mortgage Program for Permanent Residents is for those that have been a permanent resident for less than three years.
The Long and Short Mortgage combines fixed-rate and variable-rate mortgages into a single offering, allowing you to lock-in a fixed-rate for the long run but to also be able to take advantage of possible lower variable rates in the short term. A portion of your mortgage will be set at that fixed-rate for the length of your mortgage term. The other portion will have a rate that resets every month based on changes in the Scotiabank Prime Rate.
This program, along with the “Making the Cottage Dream a Reality” program, provides financing for up to 80% of the value of a second home, cottage, and Type A vacation properties, or up to 95% with mortgage default insurance. Type A vacation properties are similar to regular residential properties. Financing for up to 75%, or up to 90% insured, is available for Type B vacation properties. These are properties that do not have a standard heating system, and they might not have year-round road access.
The “Making the Cottage Dream a Reality” program also allows you to use up to 80% of the equity of your first home towards the mortgage down payment for your second home.
Those that are self-employed or are in commission-based sales will need a minimum down payment of 10% to qualify for a mortgage. A down payment of at least 35% is needed for uninsured mortgages. Those that are paid both a salary and commission are not eligible for the Scotia Mortgage for Self Employed program.
Match-a-Payment gives you the option to double your mortgage payment while Miss-a-Payment allows you to miss a payment if you have made a prepayment previously for an equivalent amount. Not all mortgage products that Scotiabank offers feature these payment options. You can also make lump-sum mortgage prepayments up to a certain percentage of your original mortgage amount. That percentage depends on your mortgage product. The most common prepayment allowance at Scotiabank is 15% each year, and you can also increase your regular payment amounts by 15%.