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Scotiabank

Scotiabank eHome new 3-4-5 year Mortgage Rates

  • Last Updated:
  • Nov 27th, 2020 2:47 pm
Deal Fanatic
User avatar
Mar 28, 2005
8978 posts
2579 upvotes
Cornwall, Ontario
^^^

I didn't deal with ScotiaBank just recently to renew my mortgage but with a different bank and also with a broker.
Similar experience - dealing with the bank was much simpler.
I think the problem is that the broker is a "middleman" - they are not 100% sure what information/documentation the lenders they deal with want in each case so they ask you for all possible documentation that might be required plus have you fill out a very detailed application.
I ended up going with the bank even though the rate was slightly higher simply because it wasa lot less hassle.
And if you go for a variable rate, the penalty to break the mortgage and refinance is a lot more palatable than with a fixed rate at a bank - rates are still going down.
Newbie
May 5, 2011
83 posts
98 upvotes
Fredericton, NB
Not really adding to the discussion but out of curiosity, how are folks getting 30 year amortizations? I thought the max was 25?

Edit: must only be on renewals?
Last edited by DoubleJesus on Aug 25th, 2020 3:18 pm, edited 1 time in total.
Sr. Member
May 4, 2006
763 posts
482 upvotes
Mississauga
Insured mortgages cannot go higher than 25, non-insured mortgages you can get 30 year amortizations.
DoubleJesus wrote: Not really adding to the discussion but out of curiosity, how are folks getting 30 year amortizations? I thought the max was 25?
Banned
User avatar
Jul 17, 2008
11042 posts
3878 upvotes
So how do people take advantage of this? Cancel their current mortgage, and signup with this? Not sure how it works with the hundred thousand gap from the moment you cancel the mortgage to getting this one. I don't see how online it does this.
Sr. Member
Jul 4, 2007
554 posts
562 upvotes
Pickering, Ontario
bomber17 wrote: 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.
This is by far the most helpful and insightful statement. I can relate to this from a personal level.

We applied on ehome, got pre-approved for approximately 150k less than the home that we were looking to purchase. Went with a trusted broker who was able to get us 2.29% 5yr fixed (with STEP) with Scotia on said home. We also put more than 20% down.
Member
Dec 23, 2006
355 posts
69 upvotes
logikol wrote: This is by far the most helpful and insightful statement. I can relate to this from a personal level.

We applied on ehome, got pre-approved for approximately 150k less than the home that we were looking to purchase. Went with a trusted broker who was able to get us 2.29% 5yr fixed (with STEP) with Scotia on said home. We also put more than 20% down.
This has been my experience so far. My broker who I trust can't touch the eHome rates and said if I can get the 1.79% no hard feelings. Interesting to see the Banks turning this direction.
Member
Dec 8, 2014
369 posts
298 upvotes
Calgary, AB
I was about to sign with TD for 1.99% and saw this post and requested. Offered 1.84% for 5 years fixed with $1000 cash back and penalty waived(left 3 months)

Print screen the online approval from Scotiabank
Deal Addict
May 29, 2017
2628 posts
3024 upvotes
Canada
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.
At the end of the day those "employees" helping you with your mortgage at the bank are for the most part 100% commission based, if they dont get a few points for themselves, how can they make a living? So when they check and offer you the best rate, it includes a few base points out of which they earn their income.

Online means, the bank isn't paying anyone a commission, so they are actually undercutting the very people that they have put at the forefront to "help" gain customers....
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Deal Addict
May 29, 2017
2628 posts
3024 upvotes
Canada
I signed a 5 year fixed Jul 2019, 2.89% Fixed, wondering if It would be worth breaking, 500K mortgage and we put down more than 20%.

Anyone in same boat?
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Deal Addict
Mar 26, 2011
2088 posts
1511 upvotes
Toronto
Samshares wrote: At the end of the day those "employees" helping you with your mortgage at the bank are for the most part 100% commission based, if they dont get a few points for themselves, how can they make a living? So when they check and offer you the best rate, it includes a few base points out of which they earn their income.

Online means, the bank isn't paying anyone a commission, so they are actually undercutting the very people that they have put at the forefront to "help" gain customers....
Not Scotia my friend. The branch guys don’t get paid on commission. They have targets, but get zippo on each deal closed.
Sr. Member
Jul 9, 2014
718 posts
252 upvotes
Toronto, ON
I am also closing mine on Sep 1. And the rate is 2.29 (the broker is trying to get it down to 2.19)
Sr. Member
Dec 14, 2006
665 posts
129 upvotes
Was just quoted 2.0% from Scotia on the 21st through one of their mortgage specialists. They've already done the credit check and everything. Any chance we could do this eHome thing for a better rate? Or is our credit score going to take a hit by doing that?

For comparison, we also went to a Broker who quoted "around 2.19%"
Sr. Member
Jun 10, 2017
797 posts
1452 upvotes
Looks like this is only new house mortgage and not for porting from another bank?
Deal Addict
May 29, 2017
2628 posts
3024 upvotes
Canada
Alexandero2 wrote: Not Scotia my friend. The branch guys don’t get paid on commission. They have targets, but get zippo on each deal closed.
Damn thats cold, they are killing the jobs of their employees by forcing them to sit there with a unhappy customer as their hands are tied.
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Sr. Member
May 4, 2006
763 posts
482 upvotes
Mississauga
Thats great, also heard someone do this with BMO, got the rate matched plus some cash back.

From my experience, if your buying a new property, call the major banks, talk to a mortgage specialist and indicate you have approval from scotia at 1.78, have the screenshot handy and see if they match it. If not, just go with ehome.

kaisin82 wrote: I was about to sign with TD for 1.99% and saw this post and requested. Offered 1.84% for 5 years fixed with $1000 cash back and penalty waived(left 3 months)

Print screen the online approval from Scotiabank
Newbie
Aug 24, 2020
4 posts
1 upvote
At what point are you committed to signing with a bank? I have a preconstruction condo closing in a couple months and I've been going through the process with TD, so they have all of my documents, I've signed a personal credit application, and they've given me a conditional approval letter... but since I haven't really confirmed anything, I assume that I can also go through the mortgage approval with Scotia?
Sr. Member
May 4, 2006
763 posts
482 upvotes
Mississauga
I believe since you have not signed anything for the final mortgage documents, and the funds have not been advanced, you should be good to go with anyone. I would double check just incase.

hellobonjour wrote: At what point are you committed to signing with a bank? I have a preconstruction condo closing in a couple months and I've been going through the process with TD, so they have all of my documents, I've signed a personal credit application, and they've given me a conditional approval letter... but since I haven't really confirmed anything, I assume that I can also go through the mortgage approval with Scotia?
Jr. Member
May 10, 2017
191 posts
102 upvotes
So just to confirm my understanding, these rates are available through a simple online application for pre approval without the need to speak to a mortgage specialist at Scotiabank?
Sr. Member
May 4, 2006
763 posts
482 upvotes
Mississauga
Yes, pre-approval is completed within 10 minutes.

Once you have an accepted offer, you have to upload all of your necessary documents and after 2-3 days, you will be assigned a mortgage specialist who will review the documents. They are running behind, so i would give yourself some time to get everything approved.
bluecrabs wrote: So just to confirm my understanding, these rates are available through a simple online application for pre approval without the need to speak to a mortgage specialist at Scotiabank?
Deal Addict
Aug 27, 2008
1034 posts
1076 upvotes
Ottawa
ARP511 wrote: There is no link, but it should show-up on your advisor end.
You rock! I was able to get it down to 1.83.

Thanks!

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