Today’s Mortgage Rates updated as of November 21, 2024 7:46 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Prime Rate | Variable Rates | Fixed Rates | Per Term Rates | Rate History | Pre-approval | Checklist | Features | How To | Pros & Cons | FAQ
Scotiabank’s prime rate aligns with the other Big Six banks at 6.7%. Scotiabank uses the prime rate to guide its decisions on its loan and mortgage rates. As well the prime rate also determines the interest rate for its variable mortgages, which rises and falls with the prime.
The variable mortgage rates are based on Scotiabank’s Prime Rate. The mortgage rate won’t go above the cap rate, which is the highest interest rate the bank will charge you. It’s important to understand the cap rate for variable mortgages. Despite being impacted by fluctuating interest rates, you still pay a fixed payment based on the cap rate. This payment doesn’t change. Instead, the changing interest rates impact how much of your payment goes toward the principal. The lower the interest rate, the more of your payment goes to your principal.
Scotiabank fixed mortgage rates have a set interest rate and mortgage payment for the full term of your mortgage. So, if you have a 5-year fixed-rate mortgage, you pay the same monthly payment for five years. However, once that term ends, your mortgage is up for renewal. At that time, your interest rates change based on current Scotiabank interest rates, which then impacts your monthly payments.
Here is a brief history of Scotiabank mortgage rates over the past three years:
Scotiabank’s eHome app allows you to get an online exclusive rate guarantee and download a letter of pre-approval in a matter of minutes. Pre-approval should be the first step you take when buying a home, as it tells you:
Before applying for a Scotiabank mortgage, you’ll need the following documents:
Self-employed individuals require one of the following for proof of income:
Most banks offer similar features focused on helping you pay down your mortgage faster, reducing interest or, in some cases, even missing a payment each year. Scotiabank offers the following mortgage features:
As mentioned above, Scotiabank does not advertise its best mortgage rates. Therefore, you want to ask if they can do better. Keep in mind banks tend to reserve their best rates for clients with an exceptional credit history, but it never hurts to ask. In this case, it’s best to set up an appointment with one of their Home Financing Advisors so that you can speak face-to-face with a representative. They will help you understand what the bank is willing to offer based on your specific financial situation.
The higher your credit score and the better your credit history, the more likely the advisor is to be willing to go to bat for you. Another strategy is to go prepared with research about interest rates so you can lay out all the comparable mortgages being offered by the competition. It never hurts to leverage your knowledge to show them you are willing to walk to get the best rate. Avoid sharing information about smaller lenders, as Big Six banks don’t feel obligated to compete with those lenders.
As mentioned above, Scotiabank does not advertise its best mortgage rates. Therefore, you want to ask if they can do better. Keep in mind banks tend
Before you decide on the bank you’d like to do business with, it’s important to consider the pros and cons of their mortgage products. Here are the pros and cons of Scotiabank mortgages:
Pros
Cons
No. In fact, Scotiabank has the highest rates compared to the other Big Six Canadian banks. For the 5-year fixed interest rate, Scotiabank sits at 6.34%, while RBC and CIBC are at 5.04%, BMO is at 5.09%, and TD is at 5.14%.
Scotiabank makes it easy to apply for a mortgage with the following three options to suit your needs:
Yes. You can always try to negotiate a better mortgage rate. Because Scotiabank’s interest rates are the highest out there, you might stand a chance of them offering a lower rate if you show them what other banks offer. Also, as mentioned, they tend not to advertise their best rates, so it’s worth asking if they can do better.
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