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

  • Overview

  • 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.

  • 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

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    Mortgage-Free Faster Calculator

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    What Can I Afford?

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    Mortgage Payment Calculator

    Determine your payment options, amortization and more, all with one calculator.

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    STEP Calculator

    Learn how to save by using the equity in your home to borrow at lower interest rates.

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    Mortgage Selector

    Opening the door to homeownership.

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    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.

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