Switching Your Mortgage to Scotiabank

Thinking of Switching to Scotiabank?

If it's time to renew your mortgage, you should definitely give the matter some careful thought rather than make a hasty decision.

That's because things may have changed since the time when you first obtained your mortgage. For example, interest rates may have gone down or innovative new product features might now be available.

In addition, you may have experienced any number of life events since you first got your mortgage. As such, you could find a more relevant solution to suit your needs by meeting with your mortgage provider to review your current financial circumstances.

If you currently have your mortgage with another financial institution, it's worthwhile to talk with a Scotiabank Advisor. We are glad to discuss your options with you and the Switch to Scotiabank program makes it easy to seamlessly transfer your current mortgage balance. We'll even cover your transfer or discharge fee, up to a maximum of $400.

We can also introduce you to a number of innovative mortgage options such as the Scotia Total Equity® Plan*, which can help you combine other secured Scotiabank borrowing products to unlock the equity you have in your home to achieve your goals, today and down the road.

Here are suggested questions to ask when meeting with a mortgage provider:

  • What comparable mortgages and terms can you offer me?
  • What are some new or different mortgage options available and how could they benefit me?
  • What about prepayments? What flexibility do I have?
  • What are the pros and cons of choosing a fixed or variable rate mortgage at this point in time?
  • Are there other costs or considerations I should be aware of?
  • What other financial solutions can you provide me with? (Eg. Perhaps you would like to make use of your current home equity to borrow for other goals.)

Once you've gathered this information, you may discover how you can improve your financial well-being with a mortgage that is tailored to your current needs. Start by talking with a Scotiabank Advisor who can offer you the right advice and help you become mortgage-free faster.

Suggested tools

Unlock your equity with STEP

Use the Scotia Total Equity Plan to tap into your home equity. You’ll save with lower rates and get the funds you need to reach your goals.

Mortgage calculator

Find out what your mortgage payments will be, so you can ensure your mortgage fits your budget.

Prepayment calculator

Find out what your mortgage prerepayment charge will be, so you can be mortgage-free faster.

Plan today for a secure tomorrow


Maintain the home and lifestyle you’ve worked hard to build.

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Talk to a Scotiabank Financial Advisor at one of our branches to learn more about STEP and Scotia Mortgage Protection.