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

  • Last Updated:
  • Oct 23rd, 2020 8:36 pm
Deal Addict
Apr 10, 2017
1035 posts
373 upvotes
CALITSLA wrote: 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%.
1. How much % was your downpayment?
2. What was the amount of the penalty?

Im with Scotia right now. 3 yrs in out of 5. Looking to squeeze out whatever savings I can only if it makes sense mathematically
Sr. Member
Feb 17, 2015
887 posts
313 upvotes
Windsor, ON
Working with a broker and she pulled 2.25% for Scotia out of options she could try with my decently high credit score, this is as low as they will go for me 30 years uninsured 20% down just switching from another big 5
Newbie
Jan 16, 2015
38 posts
70 upvotes
Windsor, ON
ReginaldB13317 wrote: 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.
A week? Ugh. How long after the approval to get everything sent to the lawyer? My closing date is coming up fast. Did they order an appraisal?
Last edited by craigc1981 on Sep 7th, 2020 10:26 am, edited 1 time in total.
Newbie
Aug 8, 2020
91 posts
39 upvotes
Biscayne05 wrote: 1. How much % was your downpayment?
20%
2. What was the amount of the penalty?
3 months interest

Im with Scotia right now. 3 yrs in out of 5. Looking to squeeze out whatever savings I can only if it makes sense mathematically
Deal Fanatic
Dec 11, 2003
7968 posts
377 upvotes
Can you get bridge loan through this?
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Newbie
Feb 20, 2019
52 posts
56 upvotes
Burnaby, BC
craigc1981 wrote: A week? Ugh. How long after the approval to get everything sent to the lawyer? My closing date is coming up fast. Did they order an appraisal?
The bank says one more week to send the documents to the lawyer. Appraisal is included in the Ehome package which is covered by the Scotia. I think if your closing date is within two weeks, it will be better if you go directly to a bank/lenders.
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Newbie
Jan 16, 2015
38 posts
70 upvotes
Windsor, ON
ReginaldB13317 wrote: The bank says one more week to send the documents to the lawyer. Appraisal is included in the Ehome package which is covered by the Scotia. I think if your closing date is within two weeks, it will be better if you go directly to a bank/lenders.
Thanks,
I'll have to call tomorrow and see if I can get them to speed it up. Closing on the 24th, meeting with the lawyer to sign on the 22nd. Yeah, might be back to the 2.1% the branch was offering.
Newbie
Jul 21, 2017
92 posts
22 upvotes
Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
Deal Addict
Dec 4, 2011
1235 posts
594 upvotes
Montreal
aaleemm wrote: Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
If I had an answer to this I would be a gazillionaire. No one can tell. Take fixed if you want to know what you will pay and slot it in your budget. Play variable if you have more leeway although the differentials these days hardly make it worth it (rates don't have much room left to the downside). Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road. That is my strategy, I refinanced in late May (before the second round of cuts) and got prime - 0.37 for 5 years. I will be locking it into a fixed rate at some point in the future.

Finally keep an eye on the 5-year Canada govt bond yield, currently at 0.37%, which is the benchmark for mortgage rates in Canada. If it gets up to 0.55-0.6 I will certainly be locking in a long term fixed rate. But I personally do not think this will happen in 2021.

https://www.ratespy.com/5-year-canada-bond-yield
Sr. Member
Sep 7, 2014
585 posts
248 upvotes
Toronto
aaleemm wrote: Experts - I am looking for my mortgage renewal and wondering whether to go with 'variable' or 'fixed' rate as the difference between two is only around 0.1 % . at the moment ?

If I look at the this difference ,answer is clear that I should go with 'fixed' rather than 'variable' however with 2nd wave of covid in the pipeline , wondering whether interest rate may fall further (policy rate and prime rate) and I may get even lower rate than today's rate?

Whats your take on this ?
admiralackbar wrote: If I had an answer to this I would be a gazillionaire. No one can tell. Take fixed if you want to know what you will pay and slot it in your budget. Play variable if you have more leeway although the differentials these days hardly make it worth it (rates don't have much room left to the downside). Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road. That is my strategy, I refinanced in late May (before the second round of cuts) and got prime - 0.37 for 5 years. I will be locking it into a fixed rate at some point in the future.

Finally keep an eye on the 5-year Canada govt bond yield, currently at 0.37%, which is the benchmark for mortgage rates in Canada. If it gets up to 0.55-0.6 I will certainly be locking in a long term fixed rate. But I personally do not think this will happen in 2021.

https://www.ratespy.com/5-year-canada-bond-yield
I agree with this "rates don't have much room left to the downside"

If they will go down, down to where? Second wave of COVID already started, and I might guess,,,,, all guessing and no firm knowledge here that rates will start to go up again.
Newbie
Jul 21, 2017
92 posts
22 upvotes
admiralackbar wrote: If I had an answer to this I would be a gazillionaire. No one can tell. Take fixed if you want to know what you will pay and slot it in your budget. Play variable if you have more leeway although the differentials these days hardly make it worth it (rates don't have much room left to the downside). Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road. That is my strategy, I refinanced in late May (before the second round of cuts) and got prime - 0.37 for 5 years. I will be locking it into a fixed rate at some point in the future.

Finally keep an eye on the 5-year Canada govt bond yield, currently at 0.37%, which is the benchmark for mortgage rates in Canada. If it gets up to 0.55-0.6 I will certainly be locking in a long term fixed rate. But I personally do not think this will happen in 2021.

https://www.ratespy.com/5-year-canada-bond-yield
"Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road"- True but at what 'rate' , will they be willing to pass the discount as they are doing today . I am sure when we will go for the switch from variable to fixed , they wont be offering fixed merely 0.1% higher than the variable
Newbie
Mar 7, 2011
38 posts
37 upvotes
I went through the pre-approval process with Scotia eHome and got the final approval letter.

I didn't get a credit hit from Scotia. Did anyone else get a credit hit?

With the approval letter, I was able to have CIBC match the 1.79% uninsured 5 year fix rate with 30 year amortization. This is for a new purchase.
CIBC also gave me $2,000 cash back for a mortgage >$500k.
CIBC also covered the appraisal fee.
Deal Addict
Dec 4, 2011
1235 posts
594 upvotes
Montreal
aaleemm wrote: "Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road"- True but at what 'rate' , will they be willing to pass the discount as they are doing today . I am sure when we will go for the switch from variable to fixed , they wont be offering fixed merely 0.1% higher than the variable
I am obviously taking a risk with this approach. I did not want to get into details but in my case it is mitigated by the fact that I used the refinance to invest so the interest is tax deductible. Not as worried about getting absolute best rate at the best time (I don't do that for stocks either).

Every situation is different!
Deal Addict
Aug 5, 2015
2069 posts
1360 upvotes
Montreal, QC
aaleemm wrote: "Finally, most banks (I know Scotia for sure) will let you switch from a variable to a equal-or-longer term fixed mortgage down the road"- True but at what 'rate' , will they be willing to pass the discount as they are doing today . I am sure when we will go for the switch from variable to fixed , they wont be offering fixed merely 0.1% higher than the variable
They won't give you their best rates, when I tried switching from variable to fixed with MCAP the fixed rate they gave me was around .75% higher than my variable at the time. The thing is, by the time you want to switch rates will have risen a lot usually, so this common mention of being able to switch to fixed "whenever I want" doesn't mean much to me.
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