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.