Best Scotiabank Mortgage Rates Ontario

*These rates represent the best Scotiabank mortgages Ontario, discounted through the mortgage broker lending channel. Scotiabank reserves exclusive rights for pricing their rates on an individual basis and these rates do not represent a formal rate quote from the Bank. Your actual approval rate could be higher or lower. Mortgage rates are subject to change and available OAC.*

 Scotiabank Fixed Rates and Variable Rates

These current Scotiabank mortgage rates Ontario are the lowest rates seen advertised…

Scotiabank Main Branch Locations in Ontario

Unique Scotiabank Mortgage Programs

Scotia Total Equity Program

The Scotia Total Equity Program or STEP for short, is a flexible mortgage structure that allows the borrower to divide their mortgage into different components or sections. For example, one component may be a fixed rate mortgage term and another may be a Home Equity Line of Credit (HELOC). Or there could potentially be a fixed rate, variable rate and a HELOC component. This program can make it easier to add to the mortgage without breaking the original term if looking for equity take out or if moving/ porting the mortgage.

New Physician Mortgage Program

Scotiabank has a focus on physicians and accordingly wants to help make the purchase of their first home more accessible, and potentially happen sooner. Often new physicians are in a position where they must accumulate a 2 year income average to prove net income for mortgage approval. However, with a minimum 20% down payment, the Scotia new physician program may allow for a purchase sooner than 2 years. Programs are subject to change.

eHome Onlie Mortgage Hub

The Scotiabank eHome Online Mortgage Hub is considered to be the first all digital mortgage platform from a major bank in Canada. With this less hands-on program, the Bank has, from time to time discounted their mortgage rates further with this program. There are tools and resources on the platform to help shoppers navigate the home buying process and the ability to connect with a live human.

Scotiabank Mortgage Types

Purchase

Whether purchasing your first home or looking to upgrade, Scotiabank can help advise and assist throughout the process. Or connect with Altrua Financial to see how to work with Scotiabank through a mortgage broker. Either way when buying a home, Scotiabank is a solid choice with a reputation for strength.

Renewal

Renewing your mortgage with Scotiabank is easy. If you are an existing client, its a simple as reviewing the options and signing back. It may help to compare offers from other banks too, but Scotiabank is pretty competitive,. If you are switching to Scotiabank, there is a longer pre approval process, however a Scotiabank representative will be there with you, every step of the way.

Refinance

A mortgage refinance differs from a renewal in that typically, we are accessing home equity for debt consolidation, home improvements, or any other purpose. Typically the amortization can be extended too, to reduce payments. Whatever your reason, Scotiabank mortgage representatives throughout Ontario will be happy to help.

High Net Worth

For those with significant liquid savings in RRSPs or other bank or investment accounts, Scotiabank has a flexible mortgage program to help account for this strength. Sometimes, income may be moderate, perhaps during retirement or for income tax purposes. But if the high savings can demonstrate an easy ability to re-pay, then the bank may be able to look beyond income alone. As a rule of thumb, the amount of savings should be 1-2 times the mortgage amount applied for, and the savings need to be substantial. However, the bank will look at each application on a case by case basis so its best to connect with a specialist for more details.

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