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New to Canada and want to buy a home? Here's how to save for your down payment.
1, 2 Year Closed Term Mortgages
These are right for you if you want short term protection against rate increases and you don't want to commit to a long mortgage term
Overview
- Fixed interest rate. Avoid rate increases without committing to a long-term mortgage.
- Prepayment options. You 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-Payment
You can pay an extra regular mortgage payment on any of your regular payment dates during your term. - Miss-a-Payment
You can miss a mortgage payment as long as you have matched one previously in your term.
- Match-a-Payment
- Conventional and insured financing available.
PLUS:
- 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.
Mortgage Rates
We understand that everyone's mortgage needs are different. Let us help you find a mortgage that's just right for you4.
Variable Rate Mortgages
Mortgage Tools
It's easy to achieve your goals.
Mortgage-Free Faster Calculator
Discover how small changes can have a big effect. This tool will show you how you can be mortgage-free faster.
What Can I Afford?
Find out how much, so you can arrange your mortgage and shop for a home with confidence.
Mortgage Calculator
Determine your payment options, amortization and more, all with one calculator.
STEP Calculator
Learn how to save by using the equity in your home to borrow at lower interest rates.
Mortgage Selector
Opening the door to homeownership.
Prepayment calculator
Find out what your mortgage prerepayment charge will be, so you can be mortgage-free faster.
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More information that may interest you
Forms
Contact us
Make an appointment with a Home Financing Advisor
Talk to a Home Financing Advisor on the phone or at a location of your choice.
Apply online with eHOME
You can be pre-approved, search for a home, and get a mortgage all in one place with Scotiabank’s online mortgage application process.
Visit an advisor at your branch
Talk to a Scotiabank Financial Advisor at one of our branches to learn more about STEP and Scotia Mortgage Protection.
All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts
*
The original principal amount of your mortgage is the principal amount when your mortgage was first entered into with Scotiabank or, if your mortgage was assigned to us from another lender, the principal amount outstanding at the time of assignment. Other conditions may apply.
**
The Match-a-Payment and Miss-a-Payment are not available during an interest-only portion of any progress draw construction mortgage and may not be available depending on the mortgage solution you select. Other conditions may apply.
Mortgage Rates Information
Special Offer Information
1
APR 8.03%
2
APR 7.11%
3
APR 9.86%
The above Annual Percentage Rates (APR) for our special offers are compounded semi-annually, not in advance. Each APR calculation is based on a mortgage of $100,000 with a 25 year amortization and a $300 appraisal fee. The actual appraisal fee may vary. The mortgage must be advanced within 120 days from the date of application. These offers are subject to change and may be withdrawn at any time without notice. Variable interest rates will change automatically as Scotiabank's prime rate changes. Applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts. Other conditions may apply.
5
Interest rates are provided for information purposes only and are subject to change at any time without notice. All rates are calculated semi-annually, not in advance.
All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts.