Compare Scotiabank Mortgage Rates in Canada

No matter where you reside in Canada, we can currently inform you of the best mortgage rates. We automatically display the lowest rates for all mortgage products, including five-year fixed-rate mortgages, five-year variable-rate mortgages, and everything in between, offered by Canada’s big banks and a wide range of alternative lenders. With more options, you can always find the ideal mortgage to suit your needs.

Key Highlights

  • No matter where you reside in Canada, we can inform you of your current best mortgage rates
  • When comparing rates, evaluate mortgage products according to the term length and type.
  • In comparison to other big banks and lenders, Scotiabank offers competitive mortgage rates. Whether you qualify for the lowest rates depends on your financial position.

Compare Scotiabank mortgage rates

The easy-to-read table below includes the top five significant bank rates. This allows you to quickly compare TD Bank, RBC Royal Bank, CIBC, HSBC, and Scotiabank rates. We put in all the necessary effort to guarantee that you always get the best price upfront!

Compare Big Bank & Lender Rates

The top 5 significant bank rates are all in one easy-to-view table. Check out their rates, then beat their rates (or get $500) with nesto’s low rate guarantee.

How to Compare Bank Rates from Big Banks simplifies the process of shopping for mortgage rates by providing all the required information in one place. When comparing rates, it is crucial to consider both term length and type when evaluating different mortgage products. For example, if looking at a fixed-rate mortgage, compare five-year offers with three-year offers rather than just focusing on the rate without considering the term length.

Scotiabank Overview & Stock Information

Regarding assets and market capitalization, Scotiabank ranks as the third largest bank in Canada. As a result, Scotiabank is a Tier 1 Canadian bank and one of the Big Six Canadian banks. Since its inception in 1832, Scotiabank has grown to become Canada’s leading multinational bank, having significant operations in the Caribbean, Central America, Latin America, and several regions of Asia.

Scotiabank Prime Rate: 

Scotiabank products, such as Scotiabank variable rate mortgage, lines of credit, and home equity line of credit (HELOCs), are based on Scotiabank prime rate or prime rate Scotiabank. The final Scotiabank mortgage rate or interest rates you’re offered usually consists of the prime rate plus a spread determined by the product and the risk involved.

As of March 29, 2023, Scotiabank’s prime rate is 6.7%.

Scotiabank 5-year fixed and variable rate history

Following the pattern of many of the larger banks over the past few years, Scotiabank’s five-year fixed and Scotiabank variable rate mortgage experienced a noticeable decline in interest rates at the height of the COVID-19 pandemic as the Bank of Canada changed interest rates to historically low levels to stimulate the economy. This was followed by a sharp increase in rates as soon as the economy began to recover from COVID and the government started to take steps to slow massive inflation.

Scotiabank Mortgage Products

Scotiabank provides a range of mortgage products to satisfy the demands of borrowers:

Fixed Rate Closed Mortgage

By keeping your Scotiabank interest rates or Scotiabank mortgage rate constant throughout your mortgage, you lower the risk of any future interest rate changes. This can provide security, especially for first-time homebuyers or those with substantial mortgage balances. Your fixed interest rate can be guaranteed for up to 120 days before the closing date on your home if you’re arranging a mortgage for a present or future residence. If interest rates go up during that time, you get the lower Scotiabank interest rates or Scotiabank mortgage rate, guaranteed.

Variable Rate Mortgage

This gives you a fixed mortgage payment, but the interest rate and sum you pay will change depending on the prime rate. If the prime rate today rises, a more significant part of your monthly payment will be used to pay interest. Alternatively, more of your monthly payment will be applied to the principal balance if the prime rate falls. 

Long and Short Mortgage

They allow you to benefit from short-term low Scotiabank interest rates while avoiding long-term interest rate hikes. The mortgage can be divided with up to three different mortgages with either fixed or variable rates as well as different terms or lengths for each mortgage component allowing you to customize under the Scotia Total Equity Plan.

Second Home Mortgage

There are two choices for second homes. The Secondary Home Financing Program is suitable for borrowers wishing to purchase a second home, an investment property, or a house for a kid. The Making the Cottage Dream a Reality package offers various financing options for those wishing to purchase a cottage or vacation home.

StartRight Mortgage Program

Available for temporary and permanent residents new to Canada and wishing to buy a property, this process can be more complicated than a standard mortgage application.

Scotia Total Equity Plan (STEP)

With a home equity line of credit (HELOC), you may use the equity in your house to fund a variety of expenses, including your children’s education, a new car, renovations, the purchase of a second home or vacation property, or even the operation of a small company. As long as you have a minimum amount of equity in your home, the STEP allows you to borrow up to 80% of the value of your home, but you are limited to up to 65% of its value as a revolving credit. Additionally, it allows you to divide your mortgage into two or three different mortgages with specific terms, providing you greater control over your Scotiabank interest rate or risk.

Scotiabank Mortgage Payment Increases

Scotiabank can help you speed up the repayment of your mortgage by allowing you to increase the payment set for the current term of your mortgage by up to 20% depending on the type of mortgage product you select. Any prepayment will be applied immediately to your principal, which can save you thousands of dollars in interest throughout your mortgage.

Scotiabank Annual Mortgage Prepayment

You can pay back up to 20% of your initial mortgage principal each year through Scotiabank. As the payment will go toward the mortgage’s principal balance, this will help you pay off your mortgage much more quickly and help you spend less on interest.

Important: With Scotiabank, you may prepay up to 20% of your initial mortgage principal each year, which lowers your interest payments and accelerates the payoff of your mortgage.

The following list summarizes the yearly prepayment amounts that each of Canada’s six big banks offers, which range from 10% to 20% of your initial mortgage principal. 

Canadian Bank Closed Mortgage Prepayment Amounts
RBC Royal Bank10%
TD Bank15%
National Bank10%

Renewal Process with Big Banks

If you’re renewing your mortgage via Scotiabank, it’s imperative to know the procedure for renewing with the same lender and your alternatives with other lenders.

Suppose your financial status hasn’t changed substantially. In that case, they’ll often give you a notice of renewal several months before your term is slated to expire, along with the interest rate for your renewal. 

It’s also important to be aware that when your term with Scotiabank ends, you can choose to renew with any other bank or mortgage provider. It is wise to shop for the best mortgage rates if you intend to refinance your Scotiabank mortgage with another lender. 

Frequently Asked Questions

Here are some of the commonly asked questions about Scotiabank’s mortgage offerings and rates recently. 

Are Scotiabank rates lower than other big banks?

Scotiabank mortgage rates are competitive among other big banks and lenders, but they aren’t consistently lower or higher. Whether you are eligible for the lowest rates will frequently depend on your individual financial position. For instance, you won’t likely qualify for the best Scotiabank rates if your credit score is poor or you have a more significant debt burden.

Additionally, it’s crucial to evaluate mortgages from several providers in order to secure the best mortgage rate and the features you want, which is precisely what performs on your behalf.

What are the benefits of choosing a smaller lender?

There are often several benefits to getting your mortgage through a smaller lender. One reason is that banks have tight criteria about who is eligible for their mortgage products; in contrast, smaller lenders are more likely to consider your situation before deciding whether you qualify for a mortgage. Also, smaller lenders sometimes just provide mortgages, so they won’t try to cross-sell you on additional products. This heightens their emphasis on giving you the optimum mortgage experience possible at all times.

How do I get a mortgage with Scotiabank?

You have three options for obtaining a Scotiabank mortgage: through the bank, a mortgage broker, or a  mortgage advisor. An adviser or mortgage broker will analyze the products and prices of many lenders to get you the best offer, so there are advantages to not going directly to the bank. It’s possible that Scotiabank won’t always provide you with the best Scotiabank mortgage rate right away.

Final Thoughts

Although Scotiabank is an excellent option for many mortgage borrowers, it’s crucial to weigh your alternatives each time you’re looking for a new mortgage, renewal, or refinancing.