Scotia Ultimate Variable Rate Mortgage - 3 Year Closed Term
Right for you if:
You want a low variable rate mortgage
You want protection from rate increases
Low interest rate with Cap Rate Protection
Based on Scotiabank Prime Rate, but will never exceed the Cap Rate.†
Calculated using the Cap Rate and will not change for the full term of your mortgage
Pay your mortgage off faster
If the interest rate is lower than the cap rate, then more of your payment will go to principal
Special Renewal Feature
Early renew at any time to a closed term, fixed rate mortgage product with a term of 3 years or longer with no prepayment charge.
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:**
You can pay an extra regular mortgage payment on any of your regular payment dates during your term.
You can miss a mortgage payment as long as you have matched one previously in your term.
Conventional and insured financing available.
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.
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.Try this tool
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.
Learn how to save by using the equity in your home to borrow at lower interest rates.
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. For a Scotia Flex Value® mortgage, the increase in your payment will be calculated based on the amount of your principal and interest payment at the time of the payment increase. 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.
Some Conditions Apply.
This offer is available for all qualified purchase, switch, refinance and renewal customers. It's applicable to new or existing properties with a maximum of 4 units. Subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts. This offer can be changed or withdrawn at anytime without notice and may not be combined with other discounts, offers or promotions.
Scotia Ultimate Variable Rate Mortgage - Rate Closed term - Scotiabank Prime as of October 25, 2018 was 3.95%. As of October 25, 2018, the Scotia Ultimate Variable closed term rate was 4.25%. If there are no 'cost of borrowing' charges (for example, appraisal fees), the APR for the rate of 4.25% equals 4.25% (compounded monthly, not in advance). Where a typical appraisal fee of $300 is assumed (actual appraisal fees may vary), the APR equals 4.35% (compounded monthly, not in advance), for a term of 3 years - assuming a mortgage of $100,000 with a 25-year amortization and that the mortgage is solicitor/notary facilitated.
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.