Scotia Ultimate Variable Rate Mortgage - 3 Year Closed Term

Right for you if you want a low variable rate mortgage and 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.

Fixed Payments. 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.

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.

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.

Mortgage Rates

We understand that everyone's mortgage needs are different. Let us help you find a mortgage that's just right for you4.

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