Scotiabank Mortgage Rates

Scotiabank offers mortgages in a variety of fixed-rate and variable-rate term lengths. In addition to their standard mortgage offerings, they also offer cashback mortgages, capped variable-rate mortgages, and second home mortgages. Below you will find Scotiabank's most recent mortgage rates.
Loading Rates...

Scotiabank fixed-rate mortgages

If you want the certainty of fixed mortgage payments, Scotiabank offers fixed-rate closed mortgages in 1, 2, 3, 4, 5, 7, and 10-year terms. Scotiabank also offers an upfront 5% cashback option on 3, 4, 5, 7, and 10-year fixed rate closed term mortgages.

If you want to be able to make extra payments and prepayments on your mortgage without penalty, an open fixed-rate mortgage is something to consider. Scotiabank offers 6 month and 1-year open mortgage terms. These shorter-term open mortgages are a great option if you want the most flexibility when it comes to renewing or paying off your mortgage in the near term.

Scotiabank variable-rate mortgages

A 5-year closed term variable rate mortgage is available for those looking for a low rate and are prepared to take on the risk that their interest rate may increase if Scotiabank's prime rate increases.

A variable-rate open mortgage is available in a 5-year term if you want the option to pay off your mortgage without penalties, while still taking advantage of potentially lower variable rates.

Scotiabank also offers a capped 3-year closed term variable rate that will fluctuate with interest rates but will not exceed a predefined cap rate. This rate lets you take advantage of low variable interest rates while providing some protection from mortgage rates climbing too high.

Scotiabank convertible and hybrid mortgages

If you're not sure if you want to commit to a longer-term mortgage yet, Scotiabank offers a 6-month flexible fixed-rate mortgage. At the end of each 6-month term, you can decide if you want to lock into a long term fixed rate closed mortgage.

Scotiabank provides a hybrid mortgage option called the Long and Short Mortgage. This hybrid mortgage rate comprises of both a fixed rate and variable rate portion. In essence, you get two interest rates on any fixed-rate closed term mortgage. One part of your mortgage changes as the Scotiabank prime rate changes and another part of your mortgage stays constant. The Long and Short Mortgage is an excellent option for those who want to take advantage of low-interest rates but want the stability of a longer-term fixed rate.

Payment options

Scotiabank offers a variety of payment frequency options. You can pay in weekly, bi-weekly, semi-monthly, or monthly installments.

Both fixed-rate closed and variable rate closed term mortgages have the options to "Match-a-payment" and "Miss-a-payment." The Match-a-payment option allows you to make an additional mortgage payment on top of your normally scheduled payment. The Miss-a-payment option enables you to skip a mortgage payment as long as you have matched a payment already during your term.

Scotiabank mortgage prepayments

Scotiabank allows borrowers to prepay up to 15% of their original mortgage principal each year, without penalty, on all closed term mortgages.

Making prepayments on your mortgage means that you'll be making extra payments towards paying down the mortgage principal. By taking advantage of prepayment allowances, you'll be able to pay off your mortgage much quicker and ultimately save on interest charges.

The 15% prepayment allowance is afforded to borrowers once per year. If you make more than a 15% prepayment, Scotiabank will charge you a prepayment penalty.

All closed term mortgages can also have their payments increased by up to 15% of their original payment amount for the current term. This increase can be done once per year.

Scotiabank eHome

You can apply for a mortgage and track its real-time status online using Scotiabank eHome. Available in all Canadian provinces and territories (except Quebec), Scotiabank eHome is a convenient digital platform that makes it easy to apply for a mortgage once you've signed a Purchase and Sale Agreement on a new home that you'll be living in.

Scotia Total Equity Plan (STEP)

Scotiabank's STEP program allows homeowners to use the equity in their home to secure additional borrowing capacity. To be eligible for the Scotia Total Equity Program, you must own at least 20% equity in your home.

You can use the Scotia Total Equity Plan to borrow up to 80% of the value of your home and use the funds for a mortgage. You can split your mortgage up into three different term lengths of both fixed and variable rates. Splitting your mortgage up in this way will allow you to manage the interest rate costs much more effectively.

Another way to use the Scotia Total Equity Plan is by using it to borrow up to 65% of the value of your home in the form of a home equity line of credit. The home equity line of credit is great for those looking for a flexible borrowing option for any of life's needs.

The principal amount drawn from the line of credit can be paid back at your own pace. You'll only have to pay monthly interest on the amount you draw from your line of credit.

With the Scotia Total Equity Plan, you apply just once. During the application process, your overall borrowing limit will be established. The borrowing limit will take into consideration the appraised value of your home and your personal credit history.

Scotiabank offers a free tool to help you understand how you can benefit from the Scotia Total Equity Plan. The tool can be found on the Scotiabank website and allows you to see what your specific borrowing limit can be given the value of your home and your current mortgage situation.

Second-home mortgages

The Scotia Secondary Home Financing Program makes it easy for clients to get a mortgage for second homes. The second home can be an investment property or a home for other family members, such as children away for school.

Second-home mortgages also apply to cottages. Scotiabank allows clients to access up to 80% of the value of their primary home to borrow funds for a vacation cottage. The cottage purchase can be made with as little as a 5% down payment, provided the borrower meets the credit and income requirements.

To explore second home mortgage options with Scotiabank, you can contact a Scotiabank Home Financing Advisor or contact your local bank branch to set up an in-branch appointment.

Scotiabank mortgage tools and calculators

Scotiabank offers a variety of mortgage-related tools and calculators. These tools and calculators are available for free and can help you manage your mortgage with Scotiabank. Some of the calculators they offer are a "rent or own" calculator, a tool to help you compare all Scotiabank mortgages, and a calculator to help you pay off your mortgage faster.

Mortgage pre-approval

Before you apply for a mortgage with Scotiabank, it's best to know beforehand how much you can afford to borrow. Scotiabank provides a useful tool to help you determine how much you can afford to borrow. Using this tool, you'll get a better understanding of your borrowing capacity with Scotiabank. also provides you with an affordability tool and mortgage calculator to help you better prepare for a mortgage.

Once you're ready to get pre-approved for a mortgage, you can book an appointment at your local branch or schedule a meeting with a mobile Home Financing Advisor. If you've already signed an agreement to buy your home, you can complete a digital mortgage application using Scotiabank eHome.

Scotiabank Home Financing Advisors

When you're ready to move ahead with a Scotiabank mortgage or want to learn more about their mortgages, you can meet with a Scotiabank Home Financing Advisor. Scotiabank's mortgage advisors can discuss your mortgage needs anywhere that's convenient for you, whether that's at a local branch, at your home, or your work. You can locate a Home Financing Advisor and book an appointment or phone call using Scotiabank's website.

Renew your Scotiabank mortgage

In the months leading up to the end of your mortgage term, you'll receive some communications from Scotiabank, reminding you to start thinking about your renewal options. Keep an eye out for these. Mortgage renewal time is an opportunity to re-evaluate your financial needs and see if there are better mortgage options available to you.

If you do choose to stay with Scotiabank, you can renew your mortgage easily by logging into your Scotia Online account or by contacting a Scotiabank Home Financing Advisor.

Switch to a Scotiabank mortgage

Scotiabank makes it easy to switch your mortgage, from another lender, over to Scotiabank. They'll even give you up to $1,200 to cover your mortgage switching costs. All you have to do is give Scotiabank the details of your existing mortgage, and they'll take care of the rest.

About Scotiabank

Scotiabank is Canada's third-largest bank, offering a wide variety of financial products and services to its customers. Incorporated in 1832, it is one of Canada's oldest banks. With operations all over the world, Scotiabank is considered to be one of Canada's most internationally established financial institutions.

Ⓒ 2022

Disclaimer: strives to keep its mortgage rates and information up to date and accurate. The information and tools presented on are for informational and educational purposes only and does not constitute financial advice. At times the information you see when you visit a financial institution's or broker's website may be different. When looking for a mortgage, please contact the financial institution or broker directly for the latest terms and conditions.