Scotiabank Mortgage Calculator
How to Estimate Payments
Your Scotiabank mortgage payments are calculated using your purchase price or mortgage renewal amount, the amount of your down payment (if purchasing a new home), the amortization period of your mortgage, and your mortgage rate. Once you’ve identified all of the required amounts, simply enter them into the mortgage calculator to determine your estimated mortgage payments.
About Scotiabank’s Mortgage Rates
Scotiabank seeks to provide mortgage solutions for all of its customers, especially those with varying circumstances. Scotiabank also offers special mortgages to people who are self-employed and individuals who are new to Canada.
In addition, Scotiabank has The Long and Short Mortgage. This mortgage is targeted towards individuals who are looking for fixed rates in the long run but want to take advantage of low interest short-term rates. Effectively you have a mortgage with two rates. A portion of your mortgage will be at a fixed rate while the other portion of your mortgage will have a variable rate that will change as Scotiabank’s prime rate changes.
Getting a lower mortgage payment
One of the best ways to have a lower mortgage payment is to have the lowest mortgage rate. You can find the lowest mortgage rate by comparing rates from a number of providers or you can get a mortgage broker to do all the work for you. Mortgage brokers are able to find you the lowest mortgage rate by comparing the rates from a number of providers.
Once you’ve selected your mortgage rate, you still can reduce your monthly payments. Increasing the size of your down payment or length of your amortization period can help reduce monthly costs.