Scotiabank
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Scotiabank: Partnering with RateShop Mortgages for Competitive Mortgage Solutions
History as a Mortgage Lender in Canada
Founded in 1832, Scotiabank (The Bank of Nova Scotia) is one of Canada’s "Big Five" banks, renowned for its financial stability and innovation. It serves over 25 million customers globally and consistently ranks among Canada’s top lenders. With a rich history in residential and commercial mortgages, Scotiabank offers flexible, customer-centric mortgage solutions, making it a trusted partner for homebuyers and investors alike.
Types of Mortgage Products & Programs
Scotiabank offers a wide array of mortgage products, catering to various customer needs:
Residential Mortgages:
Fixed-Rate Mortgages: Terms from 1 to 10 years with consistent monthly payments.
Variable-Rate Mortgages: Competitive rates that adjust with the market prime rate.
Scotia Total Equity Plan (STEP): A HELOC combining a mortgage with a line of credit.
New to Canada Mortgage Program: Designed for newcomers with limited credit history.
First-Time Home Buyer Program: Special incentives, including flexible down payments.
Commercial Mortgages:
Financing for office buildings, retail spaces, multi-unit residential, and industrial properties.
Construction Financing: Support for development projects.
Bridge Financing: Short-term loans to cover financing gaps.
Minimum Credit & Income Requirements
Scotiabank offers options for various borrower profiles:
Credit Score: Minimum of 650 for most residential products.
Income Requirements:
Salaried Employees: Proof of employment and income via T4s and pay stubs.
Contract Employees: Must demonstrate contract history and income stability.
Self-Employed Borrowers: Requires 2 years of NOAs and business financials; stated income programs available with a higher down payment.
First-Time Home Buyers: Minimum down payment of 5% with mortgage insurance.
We'll find great rates like this one from one or our several lending partners across Canada.
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It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
Scotiabank’s underwriting evaluates:
Debt-to-Income (DTI) Ratio: Should not exceed 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages and 80% for conventional mortgages.
Stress Test Compliance: Applicants must qualify at the greater of the contract rate plus 2% or the Bank of Canada benchmark rate.
Property Appraisal: Required for most mortgage approvals.ce.
Locations Serviced and Branch Presence in Canada
Scotiabank has an extensive network with over 900 branches and 3,500 ATMs across Canada. It offers comprehensive mortgage services nationwide, from major cities like Toronto, Vancouver, and Montreal to smaller communities.
Mortgage Application Checklist
To apply for a Scotiabank mortgage, prepare the following:
Government-issued ID
Proof of income: Pay stubs, T4s, or business financials
Credit report: Accessed directly by Scotiabank
Property details: Purchase agreement, MLS listing, or appraisal
Down payment verification: Bank statements or investment documents
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Expert guidance and access to exclusive Scotiabank rates.
Submit Documents: Provide income, credit, and property information.
Receive Pre-Approval: Valid for 120 days, giving you time to shop for a home confidently.
How to Get Mortgage Rates
Online: Check RateShop’s website for Scotiabank’s real-time rates.
Broker Assistance: RateShop brokers negotiate competitive rates tailored to your needs.
In-Branch: Meet with a Scotiabank mortgage specialist for personalized rate discussions.
Mortgage Pre-Payment Options
Annual Lump-Sum Payments: Up to 15% of the original mortgage principal annually.
Increased Regular Payments: Increase your regular payment by up to 15%.
Double-Up Payments: Make additional payments equal to your regular monthly instalment.
With Scotiabank's wide range of mortgage solutions, flexible criteria, and strong national presence, RateShop Mortgage brokers can help you secure the best rates and terms. Start your homeownership journey today with a trusted partner!
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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