The Save Now, Save Later® Mortgage offers a 2.00% discount off the 1 year fixed rate closed term mortgage. The 1 year fixed rate closed term mortgage as of November 20, 2009 was 4.35%. If there are no 'cost of borrowing' charges (for example, appraisal fees), the APR for the discounted rate of 2.35% equals 2.34% (compounded semi-annually, not in advance). Where a typical appraisal fee of $200 is assumed (actual appraisal fees may vary), the APR equals 2.54% (compounded semi-annually, not in advance), for a term of 1 year - assuming a mortgage of $100,000 with a 25-year amortization and that the mortgage is solicitor/notary facilitated.

The Save Now, Save Later Mortgage offer also includes a guaranteed minimum 1.25% interest rate discount off the then 5-year posted rate if you renew or early renew to a 5-year fixed rate closed term mortgage, with no early renewal interest or prepayment penalties. As of November 20, 2009, the 5-year posted rate was 5.59%. The APR for the discounted rate of 4.34% equals 4.30% (compounded semi-annually, not in advance) for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

This offer cannot be combined with any other offers or promotions during the initial term or renewal term.

Contact your Scotiabank branch for additional details.