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

  • Last Updated:
  • Nov 17th, 2020 6:20 pm
Sr. Member
User avatar
Jan 14, 2004
839 posts
88 upvotes
deal_with_singh wrote: Brokers get their rates from banks and you’re essentially just adding a middle man....but ok?

Please do share which broker can get you 1.78 5 year from a big 5 bank!
The key here being for a low ratio mortgage, cos high ratio rates are always lower.
Newbie
User avatar
Jan 28, 2017
56 posts
44 upvotes
Laval
Every broker that tells me "yes I'll get you best rate" - "rates is 1.70% etc..." Until I get in the office and I'm not longer eligible or qualify for it because it has conditions. I've stopped with all these joke of a companies and just renew with my bank. Check what other offer and go see my banker and they either match it or get close to it.
Deal Addict
Apr 5, 2016
4593 posts
3143 upvotes
Calgary/Vancouver
elty wrote: Does pre-approval usually has a hard credit check?
Yes, they have to.
Current Fido and Rogers customer.
Ex Koodo customer.
Deal Addict
Apr 5, 2016
4593 posts
3143 upvotes
Calgary/Vancouver
I remember seeing the results of a survey that was sent out to clients who still do their everyday banking in branch. You know what was the #1 response? They wanted to keep the teller's jobs even if it means inconveniencing themselves, or paying more for less. The banks know they can profit majorly on these people because they refuse to do online banking or alternative methods.

I can also almost guarantee no broker or mortgage specialist can match Scotia's ehome rates for now. If you have a simple application (salary income, no debts, freehold property), go with them. Anything more complicated, then eHome will most likely need an underwriter to approve your mortgage and rates probably be different.
Current Fido and Rogers customer.
Ex Koodo customer.
Deal Fanatic
User avatar
Mar 28, 2005
6022 posts
1030 upvotes
Ontario / Quebec
I assume you guys know there is an "Official Mortgage" thread on RFD
official-mortgage-rates-thread-351105/

There you can get an idea where mortgage rates are going.
Some companies that deal in mortgages only offered 1.75% two months ago and rates have gone down since.
However for that rate at the tume one needed to meet the standard debt ratios plus have 800+ as a credit score.
Deal Expert
User avatar
Feb 11, 2009
17576 posts
4531 upvotes
Toronto
bomber17 wrote: I remember seeing the results of a survey that was sent out to clients who still do their everyday banking in branch. You know what was the #1 response? They wanted to keep the teller's jobs even if it means inconveniencing themselves, or paying more for less. The banks know they can profit majorly on these people because they refuse to do online banking or alternative methods.

I can also almost guarantee no broker or mortgage specialist can match Scotia's ehome rates for now. If you have a simple application (salary income, no debts, freehold property), go with them. Anything more complicated, then eHome will most likely need an underwriter to approve your mortgage and rates probably be different.
Outside of Scotia, I’ve gotten my buyers 1.90% with TD and 1.94% with CIBC on a 5yr fixed very recently, not a match but close and this was before Scotias deal.

You just have to be connected to the more experienced mortgage specialists at the banks to get the better rates typically. Scotia in this case topped even that, which is just impressive
Real Estate Agent, MAcc, CPA, CA
Deal Addict
Apr 5, 2016
4593 posts
3143 upvotes
Calgary/Vancouver
deal_with_singh wrote: Outside of Scotia, I’ve gotten my buyers 1.90% with TD and 1.94% with CIBC on a 5yr fixed very recently, not a match but close and this was before Scotias deal.

You just have to be connected to the more experienced mortgage specialists at the banks to get the better rates typically. Scotia in this case topped even that, which is just impressive
More that it's usually the newbies or desperate mortgage specialists that gives better rates. We all know what the floor rates are, issue is finding someone willing to take a large discretion hit on their commission to close the deal.
Current Fido and Rogers customer.
Ex Koodo customer.
Newbie
Nov 12, 2011
18 posts
5 upvotes
Vancouver
ElCheapo99 wrote: 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
Yes I have other accounts with them, but keep in mind that just like mortgage rates change all the time, so does your discount off prime if you have a variable rate mortgage.
If your mortgage hasn't matured, you can ask if your banker can hold the rate for you. Rates may be lower next month, and it also gives you an opportunity to check with a different banker to see if you can get a better rate.
Deal Addict
User avatar
Apr 5, 2008
2499 posts
105 upvotes
Toronto
Can anyone explain if the terms and conditions are good? (bondafide clause, full feature, fair penalty lender etc etc)

Worth going with big 5 over those monoline lenders?


Appreciate it!
Member
User avatar
Feb 16, 2017
498 posts
200 upvotes
ehome is undoubtedly one of the best and easy mortgage qualifying application compared to all other big banks
Member
Dec 26, 2010
455 posts
107 upvotes
SW Ontario
My scotia mortgage is 4y 3.12% and mature Nov 15, 2021. It is not high ratio.
I assume this is accurate for penalty. Results in penalty $2064
https://www.ratehub.ca/penalty-calculator
If I get approved online for ehome, what would be the steps and cost to switch?
Deal Addict
User avatar
Mar 13, 2008
3196 posts
3196 upvotes
Oakville
scamit wrote: Hey,

Just checked again my pre-approval rate from Scotia and noticed it dropped considerably, pretty good coming from one of the big banks and a 30 year amortization.

The rates are all for uninsured mortgage (20% down payment). YMMV, since i believe Scotia provides different rates depending on your credit profile.

2 Year - 1.98
3 Year - 1.93
4 Year - 1.93
5 Year - 1.78
Scotiabank is the worst bank to deal with when it comes to mortgages and how they apply their policies early closing policies. I hear it time and time again with people who sell their houses and get royally screwed by misinformation given, and even with recorded phone calls where the phone agent gave incorrect information, Scotia will revert back to an online recording they play which is a disclaimer for their phone calls when making changes with their over the phone mortgage agents. Now if you go to a branch, it will be no different except you have no recording at all.

I have three cases I am personally aware of that have had to go to small claims court (and won) against Scotiabank mortgage debacle.

I would stay away with a 10 foot pole and get another bank to match them.

I like their scene points accounts and that's about it.
-ZdpZ... ;)
Deal Fanatic
User avatar
Mar 28, 2005
6022 posts
1030 upvotes
Ontario / Quebec
garce wrote: My scotia mortgage is 4y 3.12% and mature Nov 15, 2021. It is not high ratio.
I assume this is accurate for penalty. Results in penalty $2064
https://www.ratehub.ca/penalty-calculator
If I get approved online for ehome, what would be the steps and cost to switch?
I wouldn't trust the RateHub penalty calculator.
Get the penalty directly from ScotiaBank and in writing.
Jr. Member
Aug 11, 2004
148 posts
89 upvotes
Oakville
deal_with_singh wrote: Brokers get their rates from banks and you’re essentially just adding a middle man....but ok?

Please do share which broker can get you 1.78 5 year from a big 5 bank!
Why are you insisting on a Big 5 bank mortgage? Use a broker to access the entire market. I'm using Think Financial through True North mortgage, before that I was with First National (owned by CIBC I believe). Pretty happy with my 1.3% Variable right now (Prime - 1.05%).
Jr. Member
May 23, 2020
122 posts
46 upvotes
skarycat wrote: Tell all the banks to get lost and go with a broker.
that sounds like a comment from a broker.

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