Scotiabank Mortgage Review 2023 – NerdWallet Canada
[ad_1]
Scotiabank mortgage at a glance
Scotiabank is one of Canada’s largest mortgage lenders. As a federally-regulated financial institution, it abides by Canada’s strict mortgage qualification guidelines, but it also serves recent arrivals to Canada and the self-employed, groups who may struggle to find mortgages at A lenders.
Scotiabank mortgage key features
Scotiabank mortgage types
- Available in all Canadian provinces and territories.
- Offers a modest selection of variable and fixed mortgage rates.
- Provides residential mortgage and renewal services.
- Offers a home equity line of credit product, the Scotia Total Equity Plan (STEP).
- Provides a full-service online mortgage portal, Scotiabank eHome.
- Fixed-rate mortgages.
- Variable-rate mortgages.
- Convertible mortgages.
- Open and closed mortgages.
- Mortgages for secondary properties.
- Home equity lines of credit.
- Mortgage renewals.
Jump to
Pros
- With over 900 Scotiabank branches, getting face-to-face mortgage advice shouldn’t be difficult.
- Offers mortgages to borrowers with non-traditional income sources, like commission earners and the self-employed.
- Scotiabank eHome allows you to get pre-approved, find a home and get a mortgage using a single online tool.
Cons
- Doesn’t publish discounted rates and its annual percentage rates (APRs) aren’t prominently displayed.
- Applicants with a lower credit score may find it difficult to get approved.
Scotiabank mortgage full review
Founded in 1832, the Bank of Nova Scotia (Scotiabank) is one of Canada’s oldest and most recognizable financial institutions. What started as Halifax’s first public bank has grown into an international banking heavyweight with locations across the Americas, the U.K. and Asia.
Scotiabank is among the largest of Canada’s Big Six banks and a major player in the country’s mortgage market. In the third quarter of 2023, Scotiabank’s Canadian mortgage portfolio was $294 billion.
Overall, Scotiabank offers a mix of mortgage products that’s similar to its Big Six competitors. Fixed, variable and convertible mortgages are all on the menu, as are open and closed options. Scotiabank also provides mortgages to some recent arrivals to Canada and self-employed borrowers.
For homeowners who may need access to further capital while paying off their mortgages, Scotiabank offers the Scotia Total Equity Plan, a HELOC product that allows borrowers access to up to 80% of their home’s value.
Who is a Scotiabank mortgage best for?
A Scotiabank mortgage may be best suited for borrowers looking for a fully digital mortgage experience who also appreciate the option of getting personalized advice when needed.
Many lenders allow borrowers to apply for a mortgage pre-approval online, but Scotiabank’s eHome portal also allows for actual mortgage applications. The bank’s…
[ad_2]
Read More: Scotiabank Mortgage Review 2023 – NerdWallet Canada