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

  • Last Updated:
  • Oct 31st, 2020 2:13 am
Newbie
Jul 21, 2017
95 posts
22 upvotes
willy0275 wrote: 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.
Do you remember how much was the difference between fixed and variable when you first opted for variable ?
Deal Addict
Aug 5, 2015
2081 posts
1363 upvotes
Montreal, QC
aaleemm wrote: Do you remember how much was the difference between fixed and variable when you first opted for variable ?
I rememebr in March 2017 HSBC was offering 2.35% fixed for 5 years but I opted for 2.10% variable with MCAP... a few months later MCAP was allowing the switch but for 3%, I think HSBC had quickly risen .50% by then also. I don't know what was the best rate one could have gotten with MCAP at the time I wanted to swich to fixed, but I'm sure it was under 3%. They know they got you by the balls when you rush to switch to fixed.
Happy Koodo Public Mobile customer :-)
Deal Addict
Dec 4, 2011
1249 posts
608 upvotes
Montreal
willy0275 wrote: 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.
You are correct but I could have moved to 5 years fixed 2.0% (you are correct not the ultimate rate) a week into my mortgage (this was in mid-august) which is very close to the 1.96% for 5 years they were giving their best clients at that time (it has since gone down slightly). I am comfortable with waiting on this one and why I mentioned keeping an eye at the 5 year Canada bond trend. Don't find .04% an expensive price for flexibility, in my case.

Not trying to convince anyone to be clear, of course you should go and get the absolute best rate on a new mortgage. Was giving a data point for other situations
Last edited by admiralackbar on Sep 10th, 2020 8:25 am, edited 1 time in total.
Jr. Member
Jul 16, 2009
193 posts
146 upvotes
The best I'm getting is 1.88%. any tricks for getting it lower?
Newbie
Aug 12, 2020
8 posts
2 upvotes
rikeelau wrote: 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.
I was wondering this as well. I have a relationship at CIBC and wanted to see if I could check Scotia's rates to possibly get them matched at CIBC but don't want a credit hit. Good to hear you didn't one!
Newbie
Mar 7, 2011
38 posts
37 upvotes
toyboof wrote: The best I'm getting is 1.88%. any tricks for getting it lower?
Scotia eHome spits out a rate even before you start the application with personal information.

I believe the rates are based on...
Purchase price, down payment, location, and type of occupancy.
I'd say play around with the above criterias to see whats the best rate you can get.

There's another thread that's ongoing where mortgage brokers gives you the lowest rates based on those criterias.
I don't know how to link the page but the thread is called the Official Mortgage Rate thread.
Deal Fanatic
User avatar
Jun 6, 2010
6768 posts
3169 upvotes
Toronto, Ontario
HSBC is having 1.69% for 5 years variable.
May be match it?
https://www.ratehub.ca/banks/hsbc-mortgage-rates

But last time I check, Scotia does not do matching much. May be it changed now with the pandemic.
Scotia is always one of the more rigid one.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
How to setup PAP in Tangerine
Newbie
Nov 16, 2015
16 posts
45 upvotes
Calgary, AB
Went through the pre-approval application and got the pre-approval letter @1.79% 5 year fixed.

Was able to successfully asking CIBC to match the rate by using the letter as proof. However this is YMMV
Deal Addict
Dec 17, 2012
1316 posts
412 upvotes
Winnipeg
theflyingsquirrel wrote: HSBC is having 1.69% for 5 years variable.
May be match it?
https://www.ratehub.ca/banks/hsbc-mortgage-rates

But last time I check, Scotia does not do matching much. May be it changed now with the pandemic.
Scotia is always one of the more rigid one.
TD and Scotia they don't compete with HSBC bank and get away saying it is a Chinese bank and doesn't compete with 5 major Canadian banks...Also I have heard about going with HSBC would have more penalty and other fees down the road comparable to Canadian banks when u try to switch over.... I can't tell for sure unless i deal with them.
Deal Fanatic
User avatar
Jun 6, 2010
6768 posts
3169 upvotes
Toronto, Ontario
shampygarg wrote: TD and Scotia they don't compete with HSBC bank and get away saying it is a Chinese bank and doesn't compete with 5 major Canadian banks...Also I have heard about going with HSBC would have more penalty and other fees down the road comparable to Canadian banks when u try to switch over.... I can't tell for sure unless i deal with them.
I am not sure about scotia, but I have a friend with mortgage from TD just did a match with HSBC 5 years variable for 1.69%.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
How to setup PAP in Tangerine
Deal Addict
Aug 5, 2015
2081 posts
1363 upvotes
Montreal, QC
theflyingsquirrel wrote: I am not sure about scotia, but I have a friend with mortgage from TD just did a match with HSBC 5 years variable for 1.69%.
In my opinion 1.69% variable is the strict maximum for the rate to be worth it VS current fixed rates, unless the odds of breaking your term are very high. You don't get much discount for the extra potential risk you're taking, historically speaking.
Happy Koodo Public Mobile customer :-)
Deal Fanatic
User avatar
Jun 6, 2010
6768 posts
3169 upvotes
Toronto, Ontario
willy0275 wrote: In my opinion 1.69% variable is the strict maximum for the rate to be worth it VS current fixed rates, unless the odds of breaking your term are very high. You don't get much discount for the extra potential risk you're taking, historically speaking.
On the contrary, in my opinion, it is always better to get variable with lower rate, given the flexibility and the actual saving. Recession will be here to stay. Rate is not going up any time soon. Even if it goes up, it won't be much. And the time that you enjoy the lower rate add up.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
How to setup PAP in Tangerine
Deal Addict
Aug 5, 2015
2081 posts
1363 upvotes
Montreal, QC
theflyingsquirrel wrote: On the contrary, in my opinion, it is always better to get variable with lower rate, given the flexibility and the actual saving. Recession will be here to stay. Rate is not going up any time soon. Even if it goes up, it won't be much. And the time that you enjoy the lower rate add up.
Yeah I guess it's all about personal strategy here. Since my rate went from 2.10% to 3.35% over the span of a few months back in 2017, I'm not sold on the "low rates forever" and right now would gladly pay an extra 0.25% for the guarantee the rate won't move. I wouldn't pay an extra .50% though so it's really about finding the differentials one is comfortable with. There's a lot of people saying rates will stay low (and they should) but a few analysts are warning against potential inflationary measure of quantative easing, which *could* force governments to push rates higher all of a sudden.
Happy Koodo Public Mobile customer :-)
Deal Addict
Dec 27, 2012
1269 posts
535 upvotes
Burnaby
theflyingsquirrel wrote: On the contrary, in my opinion, it is always better to get variable with lower rate, given the flexibility and the actual saving. Recession will be here to stay. Rate is not going up any time soon. Even if it goes up, it won't be much. And the time that you enjoy the lower rate add up.
Yes but your also gambling with a few thousand dollars to lock in if rates increase.... so that extra few basis points to lock in might be worth it to most.
Deal Fanatic
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Jun 6, 2010
6768 posts
3169 upvotes
Toronto, Ontario
jbone14 wrote: Yes but your also gambling with a few thousand dollars to lock in if rates increase.... so that extra few basis points to lock in might be worth it to most.
You can always change to fixed anytime with no penalty.
And most important of all which most do not understand is that the period of time you enjoyed lower rate save you more than the period that you have higher rate than fixed.
It is because money saved earlier worth more.
So if you have 0.25 lower for 2 years and 0.25 higher for 2 years than fixed, you are still saving more.
Plus if you can tell the rate is going up soon, you can switch to fixed to save even more.

You choose fixed over variable is also gambling you will save more, you just dont realize it that way.
I would call it gambling based on calculation that gives you higher probability of paying less.
Last edited by theflyingsquirrel on Sep 10th, 2020 2:15 pm, edited 2 times in total.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
How to setup PAP in Tangerine

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