Apply for a Scotiabank Mortgage Loan, reviewed by our experts. As of 17.04.2025, you have access to loan options. Increase your chances of approval by filling out an online application and getting a free credit rating check.
Update date 22.08.2024
Scotiabank mortgage solutions customized to clients' needs include open or closed mortgages, fixed or variable-rate mortgages, options to unlock your equity, prepayment opportunities, Scotia mortgage protection insurance, or payment vacations to help you care today for a secure tomorrow. In addition, you can count on expert advice from a Scotia mortgage advisor who will help you determine the option that best suits your necessities.
Types of Scotiabank Mortgages
Fixed-Rate Mortgages. With fixed-rate mortgages, customers can lock in a specific interest rate for the duration of the mortgage term, providing stability and predictability in their monthly payments.
Variable-Rate Mortgages. Variable-rate mortgages offer flexibility as the interest rate fluctuates with market conditions, potentially allowing borrowers to take advantage of lower rates over time.
Convertible Mortgages. Convertible mortgages give borrowers the option to switch from a variable rate to a fixed rate or vice versa during the term of the mortgage, providing adaptability to changing financial circumstances.
Open and Closed Mortgages. Open mortgages allow borrowers to make additional payments or pay off the mortgage entirely without penalty, offering flexibility for those who anticipate changes in their financial situation. Closed mortgages, on the other hand, have prepayment restrictions but often come with lower interest rates.
Mortgages for Secondary Properties. Scotiabank provides mortgage options for secondary properties, such as vacation homes or rental properties, allowing customers to invest in real estate beyond their primary residence.
Home Equity Lines of Credit. Through the Scotia Total Equity Plan, customers can tap into their home equity to access funds for various purposes, such as home renovations, investing in real estate, or consolidating debt.
Mortgage Renewals. Scotiabank offers mortgage renewal options to existing customers, allowing them to renegotiate their mortgage terms, explore possible financing options, and ensure their mortgage continues to align with their financial goals and needs.
Key Features
Variety of Mortgages. Scotiabank offers a range of mortgage options tailored to your needs, including the Scotia Total Equity Plan, which allows you to tap into your home equity to reach your financial goals.
Ease of Application. With Scotiabank, applying for a mortgage is simple and convenient. You can apply online for appointment, saving time and effort in the process.
Flexible Mortgage Terms. Scotiabank offers flexible mortgage terms ranging from six months to 10 years, allowing you to choose the term that fits your budget and financial goals.
Newcomer Mortgage Options. Scotiabank provides specialized mortgage programs for newcomers and permanent residents who have lived in Canada for five years or less. These programs offer tailored financing options and government incentives to assist with home buying
Pros and Cons
Pros
Convenient Online Mortgage Applications. Scotiabank offers the convenience of applying for mortgages online through its eHome portal, streamlining the application process for customers.
Flexible Prepayment Options. Scotiabank provides a decent selection of prepayment options, such as the Equity with Step program, allowing borrowers to pay down their mortgage faster and save on interest costs.
Competitive Rates for Broker Clients. Scotiabank offers competitively priced rates to customers who work with mortgage brokers, providing an opportunity to save with lower rates and get approved for their desired mortgage amount.
Cons
Lack of Transparency in Rate Information. Scotiabank doesn't publish discounted interest rates, and its annual percentage rates (APRs) aren't prominently displayed, making it challenging for customers to compare mortgage options effectively.
Requirement for Additional Banking Products. Many of Scotiabank's mortgage special offers require customers to sign up for other Scotiabank banking products, potentially limiting flexibility and choice for borrowers.
Limited Options for Low Credit Scores. Scotiabank does not offer specific options tailored to borrowers with low credit scores, potentially excluding a segment of potential customers from accessing mortgage financing through the bank.
How to Get a Scotiabank Mortgage?
Through Our Website
Go to finanso.com. Open your preferred web browser and navigate to the Finanso website by typing "finanso.com" in the address bar.
Search for Scotiabank. Once on the Finanso homepage, use the search functionality to find Scotiabank.
Choose the Scotiabank Mortgage. From the search results, locate and select Scotiabank Mortgage as your preferred financial product.
Click Apply. On the Scotiabank Mortgage page, look for the "Apply" button. Click on it to initiate the loan application process.
Redirected to the Scotiabank Website. After clicking "Apply," you will be redirected to the official Scotiabank website. This is a secure transition to ensure your personal information is handled within Scotiabank's system.
Book an Appointment. Once on the Scotiabank website, navigate to the section related to mortgages. Look for an option to "Book an Appointment" or a similar function that allows you to schedule a meeting with a Scotiabank advisor.
Through the Bank's Website
Go to the Website. Start by visiting the official website of Scotiabank.
Choose Mortgages Section. Navigate to the "Mortgages" section on the Scotiabank website.
Choose Mortgage. Within the Mortgages section, locate and select the mortgage option you need.
Click Book an Appointment. Once you've selected the preferred option, look for the option to "Book an Appointment" or a similar button/link. This will allow you to schedule a meeting with a Scotiabank representative who can guide you through the application process.
At the Bank's Office
Visit a Scotiabank Branch. Locate a Scotiabank branch that is convenient for you to visit.
Speak to a Representative. Upon arrival at the branch, approach one of the bank's representatives and express your interest in applying for a mortgage.
Provide Necessary Documents. The representative will guide you through the application process and inform you about the documents you need to provide.
Complete Application Form. Fill out the necessary application forms provided by the Scotiabank representative. Be prepared to provide information about your financial situation.
Undergo Credit Assessment. Scotiabank will conduct a credit assessment to determine your eligibility for the mortgage. This may include evaluating your credit history and financial standing.
Review and Sign Agreement. Once your application is processed and approved, carefully review the terms and conditions of the mortgage agreement provided by Scotiabank. Sign the agreement if you agree to the terms.
Requirements and Conditions
Requirements
Credit Score. Scotiabank typically requires a credit score of 680 or higher. Higher credit scores increase the likelihood of approval.
Credit History. A favorable credit history with several established credit accounts in good standing is essential. Recent negative marks on your credit report may impact approval chances.
Income. The amount and predictability of your income are crucial factors considered by Scotiabank during the evaluation process.
Down Payment Amount. You must provide a minimum down payment of 5% of the home's value. For homes valued between $500,000 and $999,999, the down payment requirement is 5% of the first $500,000 and 10% of the amount above $500,000.
Debt Service Ratios. Your gross debt service ratio must not exceed 39%, and your total debt service ratio must not exceed 44%. These ratios determine your ability to manage mortgage payments along with other debts.
Employment History. Lenders typically require a consistent employment history of at least two years to demonstrate financial stability and repayment capability.
Conditions
Interest Rates. Interest rates range from 6.74% to 10.40%, depending on various factors such as market conditions, the type of mortgage, and the borrower's creditworthiness.
Mortgage Terms. Scotiabank offers flexible mortgage terms ranging from 6 months to 10 years, allowing borrowers to choose a term that aligns with their financial goals and preferences.
Loan Amounts. Specific loan amounts are not disclosed upfront and may vary based on factors such as the borrower's income, credit history, down payment, and the value of the property being financed.
Ways to Receive the Money
You will typically receive the mortgage amount from Scotiabank through a direct deposit into your designated bank account. Once your mortgage application is approved and all necessary documentation is submitted and verified, Scotiabank will disburse the funds according to the terms of your mortgage agreement. This process ensures that you have access to the funds needed to complete your home purchase or refinance your existing mortgage.
How to Repay a Scotiabank Mortgage?
You can make your mortgage payments online or through the Scotiabank mobile app. Just sign in, select your mortgage account and find the available payment options in the “Additional services” section.
Select your mortgage account from your Accounts page, and click "Make a prepayment" from the Quick Menu dropdown to make a prepayment and be mortgage-free faster.
If you need to cancel a pending mortgage transaction, please contact the Scotia support service at +1 (877) 303-88-79.
Things to Pay Attention to
Mortgage Rates. Pay attention to the interest rates offered by Scotiabank, as they will impact your overall mortgage costs.
Maximum Permitted Loan Amounts. Understand the maximum permitted loan amounts offered by Scotiabank to ensure they meet your financing needs.
Fixed Rate Mortgages. Consider whether a fixed-rate mortgage aligns with your preferences for rate stability over the mortgage term.
Mortgage Approval Process. Familiarize yourself with Scotiabank's mortgage approval process, including documentation requirements and timelines.
Mortgage Term. Choose a mortgage term that fits your financial goals and budget, whether it's a shorter term like 3 years or a longer term like 5 years.
Editorial Opinion
In today's dynamic financial landscape, Scotiabank mortgages stand as a compelling option for prospective homebuyers and existing homeowners alike. With competitive mortgage rates and a range of flexible financing options tailored to individual needs, Scotiabank provides a solid foundation for achieving homeownership aspirations. The incorporation of innovative tools such as the Scotia Total Equity Plan empowers customers to leverage their home equity efficiently, while adherence to residential mortgage standards ensures reliability and transparency throughout the mortgage process. However, like any financial product, careful consideration of factors such as maturity date and closed-term conditions is essential to ensure alignment with long-term financial goals. In essence, Scotiabank mortgages present a balanced blend of accessibility and stability, offering a pathway to realizing homeownership dreams while navigating the complexities of today's real estate market.
The maximum amount to borrow is different for each individual. Scotiabank financial advisors will define the loan amount you qualify for based on your credit score and financial situation.
To get an idea of how much of a mortgage you can afford, use the Scotiabank mortgage calculator available on the eHOME portal.
How can I pay out my mortgage faster without prepayment charges?
There are various ways to pay out your mortgage faster without prepayment fees. For example, you can switch from a monthly to a weekly or bi-weekly payment schedule. Or, you can try increasing your payments upon renewing your mortgage and lowering your interest rate.
I submitted a mortgage payment by mistake. Can I cancel it?
It is possible to cancel a pending mortgage payment. To proceed with payment cancellation, reach out to Scotiabank by phone and provide them with the transaction details: +1 (877) 303-88-79.
