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

  • Last Updated:
  • Oct 20th, 2020 4:00 am
Newbie
Aug 6, 2018
8 posts
2 upvotes
Aurora
Calling all mortgage gurus out there.
I am 1 year into my 5 yr fixed with Scotiabank at 2.7%. Remaining principal around 600K.
Scotia is quoting 24k for breaking the mortgage Face Screaming In Fear
I have been seeing all these low rates.
Can you suggest any options to lower my rate in any way?
Keep Calm and carry on !
Deal Addict
Aug 5, 2015
2053 posts
1339 upvotes
Montreal, QC
NipunR55644 wrote: Calling all mortgage gurus out there.
I am 1 year into my 5 yr fixed with Scotiabank at 2.7%. Remaining principal around 600K.
Scotia is quoting 24k for breaking the mortgage Face Screaming In Fear
I have been seeing all these low rates.
Can you suggest any options to lower my rate in any way?
Wow that penalty hurts, a quick napkin calculation shows that you're not really ahead if you switched to 1.7% or higher for the next 4-5 years. Unless you could make a deal with them to pay lower penalty, I don't see any great move for you unless rates go to 1.5% or lower.
Happy Koodo Public Mobile customer :-)
Member
Jun 14, 2011
270 posts
228 upvotes
Toronto
NipunR55644 wrote: Calling all mortgage gurus out there.
I am 1 year into my 5 yr fixed with Scotiabank at 2.7%. Remaining principal around 600K.
Scotia is quoting 24k for breaking the mortgage Face Screaming In Fear
I have been seeing all these low rates.
Can you suggest any options to lower my rate in any way?
Without knowing how many years left on your repayment I can't calculate exactly. If, for example, you started with 20 years which you're 1 year into (and have 19 years left), then your monthly payment is $3367 and you will owe $498k at the end of your 5 year term.

If you break the mortgage now, you increase the remaining principal to $624k, and your break even is still having $498k outstanding in 4 years. That would mean 1.58% interest.

So, unless you can end up paying less than 1.58%, you're better off sticking with your current mortgage. If your repayment term was longer than 20 years, this will slightly increase your breakeven interest rate, and if it's shorter, that will decrease it.
Member
Jul 30, 2012
416 posts
404 upvotes
NipunR55644 wrote: Calling all mortgage gurus out there.
I am 1 year into my 5 yr fixed with Scotiabank at 2.7%. Remaining principal around 600K.
Scotia is quoting 24k for breaking the mortgage Face Screaming In Fear
I have been seeing all these low rates.
Can you suggest any options to lower my rate in any way?
Inquire about a "Blend & Extend" Option. Scotia is listed as a provider that can do this. This option does not require "breaking" the mortgage (i.e. break fees).
Blend & Extend_Blend To Term Options
Deal Addict
User avatar
Sep 10, 2004
1972 posts
268 upvotes
Ontario
trailsquad wrote: 1.67% 5yr fixed eHomeScreenshot_20200918-000516.png
Insured or uninsured? 25yr or 30yr? Any way you could post a screenshot showing those details and the rate?
Newbie
Aug 6, 2018
8 posts
2 upvotes
Aurora
Thanks everyone for your response.
Yes, "Blend and Extend" is possible with Scotia however they are quoting 2.55% for that, does not seem lucrative enough.
Keep Calm and carry on !
Newbie
Aug 24, 2014
56 posts
94 upvotes
CALGARY
I got 1.7% fixed on a 1M mortage with casback, 30 year amoritization, 20% down

You guys think I can get better??
Newbie
Nov 13, 2019
6 posts
2 upvotes
np66666 wrote: I got 1.7% fixed on a 1M mortage with casback, 30 year amoritization, 20% down
Was this the initial quote through the online portal?
Deal Addict
Jun 20, 2010
1118 posts
1155 upvotes
GRZZLBR wrote: Was this the initial quote through the online portal?
User posted this on the RBC thread too. So not sure where user is coming from.
[OP]
Sr. Member
May 4, 2006
514 posts
223 upvotes
Mississauga
Rates just keep on dropping....crazy. BMO offered to price match the original rate i posted, 1.78, plus $2k cashback. Havent signed my papers yet, maybe can get them to match the lower rate.
Newbie
Jul 10, 2007
31 posts
16 upvotes
toronto
ReginaldB13317 wrote: Please note that if your closing date is within a month this might not work for you. I am still waiting for the documents to be sent to the lawyer.
Any update on how this went? I have a pre-approval through eHome and intend on doing a short close (30 days) as well.
Newbie
Feb 20, 2019
51 posts
54 upvotes
Burnaby, BC
I got the approval letter Sep 6. My lawyer got the docs Sept 9. They did not notify my when they sent and received my files. I am just waiting for my closing date. This ehome process is not difficult.
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Jr. Member
Apr 18, 2017
151 posts
96 upvotes
Abbotsford
Can someone tell me the number of pages/steps for the ehome preapproval? or how it ends?

I was mid-process when I got a blank page and had to refresh. Wasn't sure if finished or not.
Jr. Member
Apr 18, 2017
151 posts
96 upvotes
Abbotsford
I cannot seem to get past giving my phone #. Pretty sure this is broken.
Last edited by silverdare on Sep 28th, 2020 7:41 pm, edited 1 time in total.
Newbie
Mar 6, 2018
30 posts
16 upvotes
scamit wrote: Rates just keep on dropping....crazy. BMO offered to price match the original rate i posted, 1.78, plus $2k cashback. Havent signed my papers yet, maybe can get them to match the lower rate.
I was able to get 1.75% 5 years fixed with $3000 cashback (tiered based on mortgage amount) through my BMO contact for uninsured (20% down) 30 year amortization. A couple of people I have referred from RFD were also able to get 1.70% through him for 5 year fixed uninsured with 25 year amortization. The cashback is only available until Oct 31st I believe (application needs to be approved by then, closing can be later).
Last edited by Dealgains on Sep 30th, 2020 8:50 pm, edited 1 time in total.

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