Variable rate mortgages

Your HFA will do everything they can to provide you with the best possible fixed or variable mortgage rates available to you from Scotiabank.

Home Financing Advisors may also work to offer a more favourable rate than what is in your current mortgage terms. In this scenario, an advisor may help you save money over the life of your mortgage, complete payments sooner, and own your property years earlier.

Your HFA will work with you to find the mortgage that best suits your needs. It may be a fixed rate, a variable rate, or a mix of both.

Your HFA can help determine the best way for you to:

• Buy your first home or your next home
• Buy a cottage or rental property
• Refinance or review options for existing equity for renovations
• Switch a mortgage from one financial institution to another
• Buy your first home as a new Canadian

The list of possibilities is long and differs on a case-by-case basis. Please don’t hesitate to ask.

Your HFA will explain the benefits of fixed and variable rate mortgages and advise you on what makes the most sense for your financial goals.

A fixed rate mortgage allows you to take advantage of a fixed interest rate for the duration of your term. This is especially attractive when interest rates are lower. A variable rate mortgage is a loan where the interest rate is periodically adjusted based on an index. This type of mortgage might be more attractive when rates are higher and more likely to go down.

Our mortgage rates vary based on market conditions and the Bank of Canada’s posted interest rate. Your HFA will always have the most up-to-date rates available to you.