Key Features
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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.
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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.
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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.
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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
How to Get a Scotiabank Mortgage in Yukon?
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.
