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Scotia Secondary Home® Financing Program
Right for you if:
- You're thinking of buying a second home
- You need simple loan options
Overview
- Fixed or variable rates†.
Choose either fixed or variable rates for the full term. - Can be applied to Type A and Type B Vacation Properties
Generally speaking, Type A vacation properties are the same as standard residential properties in terms of quality of construction and materials used. They have year-round road access, and generally meet standard residential property lending requirements. Type B vacation properties must meet all Type A property requirements except for the following:
- A standard heating system is not required.
- Year-round road access is not required (e.g. unplowed road in the winter is acceptable.
- 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 Payment 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.
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.
Ready to apply
Phone
Mon-Fri (9am-8pm)
In Person
See a Home Financing Advisor
Online
Get pre-approved or apply for a mortgage
All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts.
Some conditions apply.
Conditions
This offer is available for all qualified purchase, switch, refinance and renewal customers, and is subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts.
Conventional uninsured financing is available for Type A vacation properties up to a maximum loan to value ratio of 80%. For Type A vacation properties, mortgage financing is available for loan to value ratios from 80.01% - 95% subject to mortgage insurance being provided by Genworth Financial Canada or Canada Mortgage and Housing Corporation.
Conventional uninsured financing is available for Type B vacation properties up to a maximum loan to value ratio of 75%. For Type B vacation properties, mortgage financing is available for loan to value ratios from 75.01% - 90.00% subject to mortgage insurance being provided by Genworth Financial Canada.
Customers may choose from Scotiabank's range of available fixed or variable rate mortgage products.
Mortgage Rates Information
Special Offer Information
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.
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.