Hot Deals

[Scotiabank] Scotiabank eHome new 3-4-5 year Mortgage Rates

  • Last Updated:
  • Nov 17th, 2020 6:20 pm
Member
Aug 1, 2014
254 posts
87 upvotes
Jaip22 wrote: Thanks OP :)
I got pre-approved for 1.73% 5 yr fixed insured.

The amortization period is showing 25 years, it did not gave option of 30 years. Anyone knows if 25 yrs is default for an insured loan ?
25 years amortization is max for insured mortgages
Deal Fanatic
May 5, 2008
5337 posts
1985 upvotes
Winnipeg
cjstk90 wrote: This is what I'm offered with 20% downpay.
Which one would be the better rate to lock? Variable or fixed? I assume fixed since it's still lower than variable

Image
Who is that with?
Newbie
Mar 7, 2011
41 posts
38 upvotes
ReginaldB13317 wrote: Yup, they can't match the ehome. I'm done with document submission and will proceed with the downpayment regardles of the pending result.
I got the pre-approval letter from Scotia eHome and was able to get CIBC to match 1.79% 5 year fixed uninsured for 30 year amortization.
CIBC also gave me $2000 because my mortgage is > $500k.
Best deal I've found so far.
Member
Apr 4, 2017
481 posts
385 upvotes
What kind of HELOC rates does Scotia offer if you get a mortgage with them?
Deal Addict
User avatar
Apr 5, 2008
2499 posts
105 upvotes
Toronto
How are you guys seeing 25 years amortization? I'm unable to change the option and is only seeing 30 years.
Sr. Member
User avatar
Jan 14, 2004
839 posts
88 upvotes
asdisme wrote: How are you guys seeing 25 years amortization? I'm unable to change the option and is only seeing 30 years.
30 is Default to qualify, once you decide you want to go with scotia you start a mortgage application. Then you can pick any amortization.
Jr. Member
Aug 8, 2020
111 posts
48 upvotes
I'm with CIBC and an received 2.25% in feb 2018… got 3 years to go before renewal but they won't budge unless I cancel and pay 3 month penalty which is in contract. Best they could do is move me to fixed rate for 5 years at 2.16%.
Deal Addict
User avatar
Apr 5, 2008
2499 posts
105 upvotes
Toronto
SiGEL wrote: 30 is Default to qualify, once you decide you want to go with scotia you start a mortgage application. Then you can pick any amortization.
Are you getting the same rate between 25 and 30 years? I don't want to get a rate for 30 years and it switches up on me when i choose 25 years.
Newbie
Jan 29, 2012
65 posts
26 upvotes
Ottawa
Can I get ehome approval for a second-property or rental?
Member
Mar 12, 2009
203 posts
107 upvotes
Toronto
Ok I just got my application rejected since I'm trying to refinance. They said that eHome application is ONLY for new purchase and not for refinance. Just an fyi for those who are trying to refinance.
Sr. Member
User avatar
Jan 14, 2004
839 posts
88 upvotes
asdisme wrote: Are you getting the same rate between 25 and 30 years? I don't want to get a rate for 30 years and it switches up on me when i choose 25 years.
Yeah the rate doesn't change based on years of amortization.
Newbie
Feb 20, 2019
59 posts
58 upvotes
Burnaby, BC
I got my mortgage approval today, a week after i submitted the application. I made a mistake in choosing 25years in my application but requested to change it to 30years. Please include a void cheque when you upload your requirements.
Last edited by ReginaldB13317 on Sep 6th, 2020 2:55 am, edited 1 time in total.
Koodo $35 10GB PM Migration + $180 Bill Credits + $300 WM Gift Card
Fido $40 14GB BYOD
Shaw $45 300/15MBPS + $250 Bill Credits
Deal Addict
User avatar
Mar 13, 2008
3196 posts
3196 upvotes
Oakville
wow Scotiabank, worst bank in terms of customer service and ethics. It's no surprise over the last 20 years they cant get past being the smallest under performing bank due to their unethical business practices.

my only advice would be Record all your phone conversations both with the over-the-phone representative, and with the in-person mortgage advisor. They will change things on you last minute on your house closing date, and it will be TOO LATE for your to change anything. Even if their mortgage advisor lies (or makes a mistake) the bank, even with evidence, wont correct it unless you start a small claim in court.

I know 4 families with this experience, truly truly sad. Be careful, thats all I'm going to say.

Great rates, but I would pay a bit extra elsewhere for peace of mind.
-ZdpZ... ;)

Top