Scotia Ultimate Variable Rate Mortgage - 3 Year Closed Term

Right for you if:

  • You want a low variable rate mortgage
  • You want protection from rate increases
  • Low interest rate with Cap Rate Protection Based on Scotiabank Prime Rate, but will never exceed the Cap Rate.
  • Fixed Payments Calculated using the Cap Rate and will not change for the full term of your mortgage
  • Pay your mortgage off fasterIf the interest rate is lower than the cap rate, then more of your payment will go to principal
  • Special Renewal FeatureEarly renew at any time to a closed term, fixed rate mortgage product with a term of 3 years or longer with no prepayment charge.
  • Prepayment optionsYou can prepay to pay off your mortgage faster. Our most popular solution allows you to prepay up to 15% of the original principal amount of your mortgage and increase your payment by up to 15% of the payment set for the current term of your mortgage each year*. Speak to one of our Scotiabank advisors about all the options we have available.
  • You could also have the following additional options:**
    • Match-a-PaymentYou can pay an extra regular mortgage payment on any of your regular payment dates during your term.
    • Miss-a-PaymentYou can miss a mortgage payment as long as you have matched one previously in your term.
  • Conventional and insured financing available.


  • Choose from weekly, biweekly, semi-monthly, and monthly payment options.
  • Scotia Mortgage Protection can help make sure the home you worked so hard for is protected.
Tools It's easy to achieve your goals.

Mortgage-Free Faster Calculator

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What Can I Afford?

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Mortgage Payment Calculator

Determine your payment options, amortization and more, all with one calculator.

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STEP Calculator

Learn how to save by using the equity in your home to borrow at lower interest rates.

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Mortgage Selector

Opening the door to homeownership.

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Mortgage Comparison Calculator

Use this calculator to compare two different mortgages and determine which feature or product is the most suitable to meet your needs.

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