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Scotibank of Canada Mortgage of february 2023

Apply for Mortgage from Scotibank verified by our specialists. On 08.02.2023 you have access to 6 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 6

Updated
01.02.2023
12:01
Long-term mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
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Loan term for the financial product

10 years
Short-term mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
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Loan term for the financial product

2 years
Open-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Closed-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Variable-rate mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Fixed-rate mortgag
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Calculate the mortgage
Loan amount
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Specify the desired loan amount

CAD
CAD
USD
50000 C$
6000000 C$
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
6000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
25
Interest rate
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Choose the interest rate on the loan

3 %
9 %
Type of payments
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Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
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Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Scotibank of Canada Mortgage of february 2023

Types of Scotiabank mortgages

Scotiabank offers a range of mortgage solutions for different homeownership needs. With Scotiabank, you can:

  • Get financing for buying your first home or another property
  • Renew your mortgage renewals
  • Get a home equity loan
  • Switch your mortgage opened in another bank to Scotiabank

Here are the mortgage types offered by Scotiabank:

  • Fixed-rate mortgage — your rate and payment amount don’t change throughout the term of your mortgage
  • Variable-rate mortgage — your rate changes in accordance with the Scotiabank Prime Rate fluctuations
  • Closed-term mortgage — you cannot pay out your mortgage before the end of the term without prepayment charges
  • Open-term mortgage — you can pay out your mortgage at any time penalty-free
  • Short-term mortgage — you can pay out your mortgage or change it by the end of the term (the available terms are 6 months, 1 year open or closed terms and 2-year closed terms)
  • Long-term mortgage — your rate and payment amount stay consistent for the term of your mortgage (the available terms are 3 to 5 years, 7 years, and 10-year closed terms)

To unlock more borrowing options with your mortgage, you can sign up for the Scotia Total Equity® Plan (STEP). By linking your mortgage to STEP, you can get access to further financing in the amount of up to 80% of the value of your home.

How to apply for a Scotiabank mortgage?

Applying for a mortgage starts with getting pre-approval. During this procedure, the lender should conclude whether you qualify for the desired loan amount based on your financial situation.

Upon getting a mortgage pre-approval, the lender will provide you with the proposed loan details, including term and interest rate.

The mortgage pre-approval process started at a branch can take a few days or even weeks. To help clients apply for a mortgage quickly, Scotiabank has introduced the eHOME portal. Through eHOME, you can get a mortgage pre-approval, submit a mortgage application, and get a mortgage approval — all online.

According to the Scotiabank website, getting a mortgage pre-approval through the eHOME portal can take just a few minutes. Once you get pre-approval, you can submit the full mortgage application through eHOME, without a visit to a branch.

Requirements

To get a mortgage pre-approval, you will need to verify your identity, financial capabilities, and employment status. Therefore, be sure to prepare the following documents:

  • Government-issued ID
  • Proof of income — a pay stub (for employed) or notices of assessment (for self-employed)
  • Your employment info
  • Information about assets you own
  • Information about your other debts (if any)

Depending on the situation, a Scotiabank financing advisor may request additional information from you.

Pros and cons

Here are the pros of Scotiabank mortgages:

  • A variety of mortgage types and related products
  • Competitive interest rates
  • A possibility to apply and manage a mortgage online
  • Open-term mortgages allowing you to avoid prepayment charges
  • An opportunity to increase your borrowing power with the Scotia Total Equity® Plan when getting a mortgage

Still, keep in mind that certain mortgage types come with charges for early prepayment or payoff. So, you need to decide beforehand whether you are willing to make changes to your mortgage throughout the term.

How to make a payment?

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.

FAQ

How much can I borrow with a Scotiabank mortgage?

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:  1-877-303-8879.