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Scotiabank Mortgage Rates

Rates updated:

Below you will find current Scotiabank's posted 5-year fixed and variable mortgage rates. Use Ratehub.ca's comparison chart to evaluate other banks, brokerages and lenders against Scotiabank and ensure you get the best mortgage rate!


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Scotiabank mortgage rates overview

Content last updated: Jan 13, 2021

Getting a mortgage is a big commitment, so choosing the right mortgage provider is an important step. A particular lender may not offer the type of mortgage that best suits you, or will charge you a higher rate than you might qualify for elsewhere. That's why it's important to look into several lenders and compare their product offerings.

Scotiabank has a variety of specialty mortgage products beyond the standard fixed and variable-rate mortgages. The more you know about Scotiabank's mortgage products, the better prepared you'll be when you're ready to apply. Some of the key details are discussed in further detail below.


Scotiabank: Frequently asked questions

Are Scotiabank rates lower than other banks?

While Scotiabank mortgage rates are competitive among other lenders, they aren’t higher or lower than other banks as a rule. In Canada, rates are more likely to vary from person to person, rather than bank to bank. To get the best mortgage rate, as well as the mortgage with the right features for you, it’s important to compare mortgages from multiple providers.

How do I get a mortgage with Scotiabank?

You can get a mortgage from Scotiabank by contacting the bank directly. You can get or by getting in touch with a Scotiabank approved mortgage broker. The alternative to getting a mortgage directly from Scotiabank is to work with a mortgage broker.

Using a broker comes with a few advantages. A mortgage broker gives you the added benefit of being able to compare mortgage rates and products between different lenders, as well as the chance to speak to an independent mortgage expert. If a given lender does not work with brokers, it might still be worth speaking to one to see what else is available in the market.

Can you negotiate a mortgage rate?

Yes, you can negotiate a mortgage rate. The rate you’re offered is not always the best rate you can get, especially in the case of a mortgage renewal offer from your current lender. If you’re uncomfortable with negotiating your own mortgage rate, it’s a good idea to speak to a mortgage broker, who can negotiate on your behalf.


Scotiabank mortgage products

Here's a short description of some of Scotiabank's main mortgage products.

Fixed-rate mortgages

Scotiabank offers a wide range of fixed-rate mortgages, with varying terms and conditions. For closed fixed-rate mortgages, they offer term lengths of 1 to 5 years, as well as 7 and 10-year options. Scotiabank also has a flexible/closed mortgage with a 6-month term. Open mortgages are offered in 6 month and 1-year terms. These come with higher rates, so short terms are generally the best option.

Variable-rate mortgages

Across all lenders, variable-rate mortgages have fewer options for term length than fixed-rate mortgages. This is because they are inherently more flexible and have lower prepayment penalties. Scotiabank does better than many other banks, however, offering both a 3 and 5-year variable-rate mortgage. Both terms are available as a closed mortgage, while the 5-year term is also available as an open mortgage.

Long and Short Mortgage

Scotiabank's Long and Short Mortgage allows you to take advantage of low-interest rates in the short term while protecting against interest rate increases over the long term. Under the Scotia Total Equity Plan, the Long and Short Mortgage offers a split of the mortgage; one part of the amount is reset every month as the Scotiabank prime rate changes, while one part of the amount is set to a fixed rate for the full term.

Second home mortgages

If you're looking to buy a second home, Scotiabank has two products specially designed for you. The Secondary Home Financing Program is made for people looking to buy a second home, an investment property, or a home for one of their children. Scotiabank's Making the Cottage Dream a Reality product offers flexible financing for people looking to buy a cottage or holiday home.

Scotiabank StartRight Mortgage Program

The StartRight program is available for temporary and permanent residents who are new to Canada and who want to buy a home. The program is specially designed to meet the mortgage needs of these people, which can be more complex than for a traditional mortgage.


Scotiabank's Total Equity Plan

Scotiabank's Total Equity Plan is a home equity line of credit, also known as a HELOC. It converts your mortgage into a valuable asset, one that can give you more control over your borrowing, now and in the future, and potentially save you hundreds of dollars each year. You can pay for your children's education, buy a new car, renovate, buy a second home or vacation property, or help run your small business.

As long as you have a minimum amount of equity in your home, the STEP allows you to borrow up to 80% of your home's value as a revolving line of credit. It also gives you the flexibility to split your mortgage into two or three different types of mortgages and terms, giving you more control over your interest rate risk.

Accessing Scotiabank mortgage rates

The latest Scotiabank mortgage rates are automatically updated on the tables above, or on the Scotiabank website. You can see the current Scotiabank rates compared to other lenders on our main mortgage comparison page.

To access a Scotiabank rate, you can apply to Scotiabank directly or speak to a mortgage broker. While going direct might be convenient if you already bank with Scotiabank, you'll have access to independent advice and a wider selection of mortgage rates and products if you speak to a broker instead. Find a mortgage broker near you to arrange a free consultation.

Scotiabank mortgage pre-approval

Scotiabank's mortgage pre-approval application takes approximately 20 minutes to complete, after which the bank will contact you by phone within three business days to advise you of its decision. You can be pre-approved with Scotiabank directly, or go through a mortgage broker.

Scotiabank mortgage application checklist

To speed up the mortgage application process and obtain your Scotiabank mortgage rate sooner, make sure you have the following information on hand when you apply or speak to a mortgage broker:

  • Your monthly income
  • Your current monthly housing expenses or rent
  • The value of any vehicles, properties, investments, or savings you have
  • The balances and monthly payments of your current debts
  • Details of the new property you are interested in purchasing
  • Your spouse/partner's financial information, if you are both applying
  • Compare other Scotiabank products

    Scotiabank offers various Scotiabank credit cards, including rewards cards and low-interest cards, as well as Scotiabank GICs, available in a variety of terms.

    More on Scotiabank

    Since welcoming its first customers in Halifax in 1832, Scotiabank has expanded into one of North America's premier financial institutions. Today, Scotiabank Group and its affiliates offer a diverse range of products and services, including personal, commercial, corporate, and investment banking, to almost 15 million customers in some 50 countries around the world.

    The bottom line

    Scotiabank is a large Canadian bank, and certainly one of the most reputable mortgage providers in the country. However, as with all lenders, their products may or may not suit your needs. The best thing you can do to get the right mortgage is to compare multiple providers.


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