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

  • Last Updated:
  • Nov 27th, 2020 2:47 pm
Jr. Member
Jul 31, 2005
128 posts
25 upvotes
S0lidus wrote: Scotia refused to negotiate a better rate with me after my 5 year mortgage was up. I switched to hsbc. The manager was quite rude about it too, I sent in a complaint.
I'm with ScotiaBank, renewal Sep 29th 2020, so this Tuesday I went to my brick and mortar Scotiabank branch here in GTA to talk to a financial advisor about my mortgage renewal. As prep-work I printed the screenshot of the ehome.scotia's on-line application rates for new mortgages. I could log in to ehome.scotia with my current Scotiabank user and password and do a new home purchase application going as far as the page that's showing the rates offered, ehome.scotia on-line platform offered me 1.77% 5y fixed. That's what I wanted for renewal.
So my whole visit to the branch was a waste of time, I was offered 2.04% 5Y fix for renewal, the front line personnel had absolutely no will OR no power to negotiate, it was a "take it or leave it" attitude from her side. Me showing her the print-out from ehome.scotia rate offer had the only effect of her shrugging her shoulders and smiling indifferently.
Then why are the banks surprised that the clients are not going anymore to the brick and mortar branches if the person helping me didn't even try to retain my business? What's the point of having a branch when I can do the same thing from the comfort of my home either on-line or on the phone with the help of a mortgage broker who's willing to take my business?
It absolutely doesn't make sense to me to let a customer walk out the door, which door, building and personnel's salary cost the bank a lot of money.
Sr. Member
Sep 9, 2015
839 posts
481 upvotes
Nanaimo
rozsalyib wrote: I'm with ScotiaBank, renewal Sep 29th 2020, so this Tuesday I went to my brick and mortar Scotiabank branch here in GTA to talk to a financial advisor about my mortgage renewal. As prep-work I printed the screenshot of the ehome.scotia's on-line application rates for new mortgages. I could log in to ehome.scotia with my current Scotiabank user and password and do a new home purchase application going as far as the page that's showing the rates offered, ehome.scotia on-line platform offered me 1.77% 5y fixed. That's what I wanted for renewal.
So my whole visit to the branch was a waste of time, I was offered 2.04% 5Y fix for renewal, the front line personnel had absolutely no will OR no power to negotiate, it was a "take it or leave it" attitude from her side. Me showing her the print-out from ehome.scotia rate offer had the only effect of her shrugging her shoulders and smiling indifferently.
Then why are the banks surprised that the clients are not going anymore to the brick and mortar branches if the person helping me didn't even try to retain my business? What's the point of having a branch when I can do the same thing from the comfort of my home either on-line or on the phone with the help of a mortgage broker who's willing to take my business?
It absolutely doesn't make sense to me to let a customer walk out the door, which door, building and personnel's salary cost the bank a lot of money.
We had a similar experience, the take it or leave it attitude was surprising. What was more surprising was that she said she wouldn't bother trying to help us if we were thinking of switching banks. I told her I would switch if they didn't even try to match HSBCs offer. She basically told us it was a good offer and we'd be making a mistake turning them down. I got 2.39 through HSBC and scotia offered us 2.99, I had been with them for 5 years. loyalty doesn't pay these days.
Jr. Member
Apr 23, 2017
100 posts
38 upvotes
achohan91 wrote: So I checked my penalty is only $4800. Now I gotta see whats the lowest rate available for refinancing. So if I can get a rate around 1.7% - it will be worth it as my principal amount also goes down by 5k along with monthly payments.
I’m in a similar situation as you - opened an eHome mortgage in May.

Did a branch calculate your penalty? Let me know what you’re seeing for refinance rates.
Deal Addict
Jun 20, 2010
1219 posts
1281 upvotes
So is this preapproval not good for new builds as possession date is 5 months or more down the road?
Newbie
Nov 12, 2011
18 posts
5 upvotes
Vancouver
leahdizon wrote: what's the rate for renewal?
My banker quoted me P-0.22 for 5-year variable or 2.4% for 2-year fixed when I looked into early renewal in mid July. I waited because my rate was P-0.65.

My mortgage matured last week and my banker was able to get me P-0.46=1.99% because rates have come down. I didn't ask for the fixed rate because it's an investment property and I was planning to sell soon (FYI penalty is 3-month interest for selling before maturity).

The mortgae was only $78K.

Scotiabank doesn't have the best rates and they don't match rates, but most of the time my banker agreed to send in a request for a lower rate. It won't be worthwhile for me to switch banks for a few basis points, so I'm still with Scotiabank.

It seems like your rate will depend on the mortgage amount, term, whether it's your principal residence and your credit score.
Deal Addict
User avatar
Apr 12, 2009
1286 posts
284 upvotes
rozsalyib wrote: I'm with ScotiaBank, renewal Sep 29th 2020, so this Tuesday I went to my brick and mortar Scotiabank branch here in GTA to talk to a financial advisor about my mortgage renewal. As prep-work I printed the screenshot of the ehome.scotia's on-line application rates for new mortgages. I could log in to ehome.scotia with my current Scotiabank user and password and do a new home purchase application going as far as the page that's showing the rates offered, ehome.scotia on-line platform offered me 1.77% 5y fixed. That's what I wanted for renewal.
So my whole visit to the branch was a waste of time, I was offered 2.04% 5Y fix for renewal, the front line personnel had absolutely no will OR no power to negotiate, it was a "take it or leave it" attitude from her side. Me showing her the print-out from ehome.scotia rate offer had the only effect of her shrugging her shoulders and smiling indifferently.
Then why are the banks surprised that the clients are not going anymore to the brick and mortar branches if the person helping me didn't even try to retain my business? What's the point of having a branch when I can do the same thing from the comfort of my home either on-line or on the phone with the help of a mortgage broker who's willing to take my business?
It absolutely doesn't make sense to me to let a customer walk out the door, which door, building and personnel's salary cost the bank a lot of money.
S0lidus wrote: We had a similar experience, the take it or leave it attitude was surprising. What was more surprising was that she said she wouldn't bother trying to help us if we were thinking of switching banks. I told her I would switch if they didn't even try to match HSBCs offer. She basically told us it was a good offer and we'd be making a mistake turning them down. I got 2.39 through HSBC and scotia offered us 2.99, I had been with them for 5 years. loyalty doesn't pay these days.
I'm sure it's not their intention to be rude. eHome rates are an online exclusive deal. Having worked in retail before, companies don't give any wiggle room to in-store staff, so there's no point in wasting everyone's time.

I remember wanting to buy a jersey from Lids and they just told me to buy it online instead since the sale was online only. Just go with the deal that works best for you.
"Portfolios are like a bar of soap. The more you touch it the smaller it gets" - Preet Banerjee
Newbie
May 19, 2019
4 posts
1 upvote
Got 1.78% 5yr fixed, 1.81% variable - has anyone ever seen variable higher than fixed before? This seems a bit strange.
Sr. Member
Nov 19, 2009
636 posts
474 upvotes
Toronto
FredG84044 wrote: Got 1.78% 5yr fixed, 1.81% variable - has anyone ever seen variable higher than fixed before? This seems a bit strange.
I saw something similar. Maybe the banks want you to go with fixed knowing the variable rates are going to keep going down?
Deal Fanatic
May 5, 2008
5340 posts
1987 upvotes
Winnipeg
bigjdoberman wrote: Just got a 2.09 5 year fixed on my renewal with Scotia Bank if that helps!!

Bigjdoberman
That’s the best rate I can get with RBC
Newbie
Dec 27, 2007
45 posts
10 upvotes
Vancouver
Anyone have the ehome and know how it works with their STEP program? Can you apply for ehome and also get their readvanceable (automatically) HELOC?
Deal Addict
User avatar
Jul 5, 2005
3103 posts
996 upvotes
Toronto
rozsalyib wrote: I'm with ScotiaBank, renewal Sep 29th 2020, so this Tuesday I went to my brick and mortar Scotiabank branch here in GTA to talk to a financial advisor about my mortgage renewal. As prep-work I printed the screenshot of the ehome.scotia's on-line application rates for new mortgages. I could log in to ehome.scotia with my current Scotiabank user and password and do a new home purchase application going as far as the page that's showing the rates offered, ehome.scotia on-line platform offered me 1.77% 5y fixed. That's what I wanted for renewal.
So my whole visit to the branch was a waste of time, I was offered 2.04% 5Y fix for renewal, the front line personnel had absolutely no will OR no power to negotiate, it was a "take it or leave it" attitude from her side. Me showing her the print-out from ehome.scotia rate offer had the only effect of her shrugging her shoulders and smiling indifferently.
Then why are the banks surprised that the clients are not going anymore to the brick and mortar branches if the person helping me didn't even try to retain my business? What's the point of having a branch when I can do the same thing from the comfort of my home either on-line or on the phone with the help of a mortgage broker who's willing to take my business?
It absolutely doesn't make sense to me to let a customer walk out the door, which door, building and personnel's salary cost the bank a lot of money.
Got the same attitude at the branch and over the phone. Been with scotia for over 15 yrs and they haven't been helpful. Phone rep Bryan in Halifax was a complete douche!
Deal Addict
Mar 26, 2011
1632 posts
1007 upvotes
Toronto
ECBomb wrote: I'm sure it's not their intention to be rude. eHome rates are an online exclusive deal. Having worked in retail before, companies don't give any wiggle room to in-store staff, so there's no point in wasting everyone's time.

I remember wanting to buy a jersey from Lids and they just told me to buy it online instead since the sale was online only. Just go with the deal that works best for you.
I can confirm this.

The online side is completely separate from the in-branch discretion. A lot of other businesses do that too, like Walmart. I wouldn’t blame the employees for that when they’re given no discretion. And that’s not to excuse a poor attitude, but don’t mistake honesty for someone’s lack of a desire to help. The alternative would be for them to tell you they can do better when they can’t and then waste your time or mislead you.

The cynical side of me says the Bank does it on purpose so that people won’t miss the in-branch experience as things get more automated and the overall number of people decreases.
Deal Addict
Mar 22, 2004
1743 posts
1204 upvotes
Alexandero2 wrote: I can confirm this.

The online side is completely separate from the in-branch discretion. A lot of other businesses do that too, like Walmart. I wouldn’t blame the employees for that when they’re given no discretion. And that’s not to excuse a poor attitude, but don’t mistake honesty for someone’s lack of a desire to help. The alternative would be for them to tell you they can do better when they can’t and then waste your time or mislead you.

The cynical side of me says the Bank does it on purpose so that people won’t miss the in-branch experience as things get more automated and the overall number of people decreases.
....or they’re thinking about YOU and their staff, trying to keep them safe and limit the potential exposure to a virus while under Emergency measures during a worldwide pandemic?
Food for thought.
Sr. Member
Feb 28, 2016
986 posts
637 upvotes
FooNdaR wrote: ....or they’re thinking about YOU and their staff, trying to keep them safe and limit the potential exposure to a virus while under Emergency measures during a worldwide pandemic?
Food for thought.
I highly doubt that. This practice has been going on for years, even before the pandemic. Brick and mortar branches are a big cost to banks. The more beanches they can get rid of while still keeping the same customer base, the higher their profits will be.
Newbie
Jul 3, 2017
11 posts
1 upvote
ildong wrote: My banker quoted me P-0.22 for 5-year variable or 2.4% for 2-year fixed when I looked into early renewal in mid July. I waited because my rate was P-0.65.

My mortgage matured last week and my banker was able to get me P-0.46=1.99% because rates have come down. I didn't ask for the fixed rate because it's an investment property and I was planning to sell soon (FYI penalty is 3-month interest for selling before maturity).

The mortgae was only $78K.

Scotiabank doesn't have the best rates and they don't match rates, but most of the time my banker agreed to send in a request for a lower rate. It won't be worthwhile for me to switch banks for a few basis points, so I'm still with Scotiabank.

It seems like your rate will depend on the mortgage amount, term, whether it's your principal residence and your credit score.
Just wondering if you have other accounts/credit cards with them?
I am in similar situation renewal/investment property.
My discount was prime-0.6 and it has sadly gone to prime-0.35.
Was wondering how we "lost" discount on prime, if we did not cancel or worsen the client/bank relationship

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