Get the best mortgage for you

A mortgage broker is a good resource that can help find an affordable mortgage but is not connected to a single financial institution.

A Scotiabank Home Financing Advisor can also help you find the right mortgage with Scotiabank. Your advisor will help paint a broad financial picture through a holistic approach and will work with other specialists at Scotiabank to ensure your financial advice is in sync. Together, your team of advisors may also assist with education savings, lines of credit, credit cards, retirement plans, and much more.

Your HFA will do everything they can to provide you with the best possible fixed or variable mortgage rates available to you from Scotiabank.

Home Financing Advisors may also work to offer a more favourable rate than what is in your current mortgage terms. In this scenario, an advisor may help you save money over the life of your mortgage, complete payments sooner, and own your property years earlier.

The best time to speak with an HFA is at the beginning of your mortgage journey, or anytime you would like assistance or advice determining the best path forward in property ownership.

Your HFA can offer guidance on the best mortgage for you and help to determine what kind of property you can buy, or which type of investment might work for you. Whether you’re thinking about moving, refinancing for a renovation, or looking to use your home equity, a Scotiabank HFA can help.

Your HFA will work with you to find the mortgage that best suits your needs. It may be a fixed rate, a variable rate, or a mix of both.

Your HFA can help determine the best way for you to:

• Buy your first home or your next home
• Buy a cottage or rental property
• Refinance or review options for existing equity for renovations
• Switch a mortgage from one financial institution to another
• Buy your first home as a new Canadian

The list of possibilities is long and differs on a case-by-case basis. Please don’t hesitate to ask.

Your HFA can help you determine a down payment that works with your lifestyle. To get a better understanding of what that looks like for you, please try our Mortgage Calculator.

Minimum down payments vary based on the purchase price of the home.

• Homes priced below $500,000 require a minimum down payment of 5%
• Homes between $500,000 and $999,999 require a minimum down payment of 5% of $500,000 plus 10% of the remaining amount

If your down payment is less than 20% of the home’s purchase price, mortgage loan insurance is also required.

Your Scotiabank HFA will be in touch with you every step of the way, including during your loan application process. They’ll always be available to answer questions, let you know when you qualify for a Scotiabank mortgage, and everything that’s required for a successful application.

To qualify for mortgages, some requirements must be met. These include, but are not limited to:

• Confirmation of your income and employment
• An income that allows you to make the mortgage payments on a regular basis
• A minimum 5% down payment

A guarantor might be necessary if it’s not possible to meet the lending criteria on your own.

Scotiabank mortgages are available for different kinds of properties, from detached single-family homes to multi-unit dwellings or individual condo units in Canada. Mortgages may be used to buy property, transfer a mortgage from another financial institution, and for renewal, refinancing and assumption. There are specific conditions for each.

Your HFA will explain the benefits of fixed and variable rate mortgages and advise you on what makes the most sense for your financial goals.

A fixed rate mortgage allows you to take advantage of a fixed interest rate for the duration of your term. This is especially attractive when interest rates are lower. A variable rate mortgage is a loan where the interest rate is periodically adjusted based on an index. This type of mortgage might be more attractive when rates are higher and more likely to go down.

Our mortgage rates vary based on market conditions and the Bank of Canada’s posted interest rate. Your HFA will always have the most up-to-date rates available to you.

Meeting a Home Financing Advisor is a free service offered by Scotiabank.