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

  • Last Updated:
  • Oct 23rd, 2020 8:36 pm
Member
Sep 30, 2013
357 posts
247 upvotes
North Vancouver
I have a renewal coming up in 6 months, can I shop around now?
Deal Fanatic
User avatar
Jun 6, 2010
6738 posts
3140 upvotes
Toronto, Ontario
TGoyel wrote: I have a renewal coming up in 6 months, can I shop around now?
You can, but usually 3 months is the mark.
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Deal Addict
Aug 5, 2015
2069 posts
1360 upvotes
Montreal, QC
theflyingsquirrel wrote: Plus if you can tell the rate is going up soon, you can switch to fixed to save even more.
That's true in theory but not in practice. I've been through that. First, as soon as bonds creep up higher, fixed rates rise. Also, your bank certainly won't give you their best fixed rate when you "beg" for a switch. Been there, done that.
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Newbie
May 28, 2020
20 posts
4 upvotes
Experts, I have been offered 1.85% fixed, uninsured, 25 yrs amortization from TD.
Tried Scotia eHome and getting 1.88% for same.
What do guys think about this ?
Is it a sweet deal to close now with TD ? I have a closing in another 3 weeks.
Any tips/suggestions are highly appreciated.
Deal Addict
Apr 18, 2013
3259 posts
1391 upvotes
Canada
RagaAmber wrote: Experts, I have been offered 1.85% fixed, uninsured, 25 yrs amortization from TD.
Tried Scotia eHome and getting 1.88% for same.
What do guys think about this ?
Is it a sweet deal to close now with TD ? I have a closing in another 3 weeks.
Any tips/suggestions are highly appreciated.
Any cash back?
Sr. Member
Feb 17, 2015
887 posts
313 upvotes
Windsor, ON
Just got 2.1% 5 years fixed closed using True North American Mortgage Brokers when they went through Scotia Bank this is for uninsured 30 year ammortization, Scotia promising $800 to cover appraisal and some switching/legal costs possibly $1200 still looking into that, someone in a situation where they need longer ammortization uninsured would be best to use this broker instead they said they work with Scotia and MCAP a lot
Newbie
Jul 21, 2017
92 posts
22 upvotes
Experts what is your view on the below when deciding Fixed vs Variable :
https://www.cnbc.com/2020/09/16/fed-mee ... rates.html

Key takes :
"As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%"

"Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.

My view :
Probably the best scenario would be (assuming FED does what it says):
2020 = variable
2021 = variable
2022 = variable
2023 = Convert variable into 3 or 5 year fixed
2024 = Fixed
2025 = Fixed
2026 = Fixed
2027 = Fixed

xPosted
Newbie
Feb 20, 2019
52 posts
56 upvotes
Burnaby, BC
What is the time frame for the bank to send the documents to the lawyer? I have not heard back from them after sending me the approved letter.
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Member
Dec 17, 2009
389 posts
59 upvotes
aaleemm wrote: Experts what is your view on the below when deciding Fixed vs Variable :
https://www.cnbc.com/2020/09/16/fed-mee ... rates.html

Key takes :
"As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%"

"Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.

My view :
Probably the best scenario would be (assuming FED does what it says):
2020 = variable
2021 = variable
2022 = variable
2023 = Convert variable into 3 or 5 year fixed
2024 = Fixed
2025 = Fixed
2026 = Fixed
2027 = Fixed

xPosted
Agreed

But things will probably change a lot between then
Newbie
Oct 6, 2018
9 posts
1 upvote
trailsquad wrote: Just got quoted 1.67% 5 year fixed from eHome
wow, that's really low! Insured or Uninsured? What's the mortgage principal size? wonder whether it will make any difference.
Newbie
Jul 21, 2017
92 posts
22 upvotes
trailsquad wrote: Just got quoted 1.67% 5 year fixed from eHome
  1. Is it renewal /refinance or a new purchase?
  2. Insured or uninsured ?
  3. Amortization period ?
  4. Down payment % ?

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