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It’s the fourth consecutive cut and the largest.
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
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 Calculator
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STEP Calculator
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Prepayment calculator
Find out what your mortgage prerepayment charge will be, so you can be mortgage-free faster.
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This is the third consecutive rate cut by the BoC.
More information that may interest you
Forms
Contact us
Make an appointment with a Home Financing Advisor
Talk to a Home Financing Advisor on the phone or at a location of your choice.
Apply online with eHOME
You can be pre-approved, search for a home, and get a mortgage all in one place with Scotiabank’s online mortgage application process.
Visit an advisor at your branch
Talk to a Scotiabank Financial Advisor at one of our branches to learn more about our mortgage solutions.
1
APR 7.45%
2
APR 6.38%
3
APR 9.15%
The above Annual Percentage Rates (APR) for our special offers are compounded semi-annually, not in advance. Each APR calculation is based on a mortgage of $100,000 with a 25 year amortization and a $300 appraisal fee. The actual appraisal fee may vary. The mortgage must be advanced within 120 days from the date of application. These offers are subject to change and may be withdrawn at any time without notice. Variable interest rates will change automatically as Scotiabank's prime rate changes. Applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts. Other conditions may apply.
All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts
The Scotia Flex Value - Open term - Scotiabank Prime as of October 24, 2024 was 5.95%. As of October 24, 2024 the Scotia Flex Value Open rate was 9.15%. If there are no 'cost of borrowing' charges (for example, appraisal fees), the APR for the rate of 9.15% equals 9.15% (compounded semi-annually, not in advance). Where a typical appraisal fee of $300 is assumed (actual appraisal fees may vary), the APR equals 9.15% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.
The Scotia Flex Value - Closed term - Scotiabank Prime as of October 24, 2024 was 5.95%. As of October 24, 2024 the Scotia Flex Value Closed rate was 6.40%. If there are no 'cost of borrowing' charges (for example, appraisal fees), the APR for the rate of 6.40% equals 6.38% (compounded semi-annually, not in advance). Where a typical appraisal fee of $300 is assumed (actual appraisal fees may vary), the APR equals 6.38% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization and that the mortgage is solicitor/notary facilitated.
*
The original principal amount of your mortgage is the principal amount when your mortgage was first entered into with Scotiabank or, if your mortgage was assigned to us from another lender, the principal amount outstanding at the time of assignment. For a Scotia Flex Value® mortgage, the increase in your payment will be calculated based on the amount of your principal and interest payment at the time of the payment increase. Other conditions may apply.
**
The Match-a-Payment and Miss-a-Payment are not available during an interest-only portion of any progress draw construction mortgage and may not be available depending on the mortgage solution you select. Other conditions may apply.
†
Some Conditions Apply.
Δ
Interest rates are provided for information purposes only and are subject to change at any time without notice. All rates are calculated semi-annually, not in advance.
This offer is available for all qualified purchase, switch, refinance and renewal customers. It's applicable to new or existing properties with a maximum of 4 units. Subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts. This offer can be changed or withdrawn at anytime without notice and may not be combined with other discounts, offers or promotions.