Bank of Nova Scotia (Scotiabank) mortgage rates

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location, and customer account. The Scotiabank financial institution number is 002.

Scotiabank offers its mortgage products through their mortgage specialists and bank branches. Scotiabank generates approximately 40% of new mortgage volumes through the mortgage broker channel. They offer a range of mortgage options which include variable and fixed rates, along with long, short, and second home mortgages. They also offer a HELOC product called Scotiabank’s Total Equity Plan.

Scotia Flex Value Mortgage 5 Year Closed Term

Scotia Flex Value Mortgage 5 Year Open Term

Scotia Ultimate Variable Mortgage 3 Year Closed

Scotia Fixed Closed Mortgage 1-7 + 10 year terms

Scotia Short Term Fixed Open 6 month or 1 year term

Scotia Total Equity Plan (STEP)

Scotiabank mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on  a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank.  It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.

Scotiabank fixed rate mortgages 

Scotiabank offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. Scotiabank offers a variety of different fixed rate mortgages with varying terms and conditions. Talk to your mortgage advisor to learn whether a Scotiabank fixed rate mortgage is for you.

Scotiabank variable rate mortgages

Scotiabank offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. Scotiabank offers 3-year and 5-year terms and both are available as a closed mortgage, while only a 5-year term is available as an open mortgage. With a Scotiabank variable rate mortgage, your payment amount may not stay fixed for the term if interest rates fluctuate based on the Scotiabank prime interest rate. Talk to your mortgage advisor to learn whether a Scotiabank variable rate mortgage is for you.

A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. Scotiabank has a rate hold of 120 days.

Factors that can affect the rate you obtain would include:

• The type of transaction (purchase/transfer/refinance)
• Occupancy of the property (owner living there or rental/investment)
• The down payment amount (insured vs conventional) which also affects the mortgage amortization.

You can view Scotiabank mortgage rates through our rates tool which will always provide you with the most up to date published Scotiabank rates.

Scotiabank offers flexible ways to renew your mortgage. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid repayment history on all debts, and a strong credit score. It’s best to speak with your mortgage advisor for help and get their opinion on which mortgage renewal option is best for you.

You can get a mortgage from Scotiabank by contacting the bank directly or working with one of their mortgage advisors. You can also work with an independent mortgage broker who does not work directly at the bank.


A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available.

You can review the details of your mortgage, along with your bank loans and credit lines from your Scotiabank online banking profile. When you log in, choose “My accounts” and click on the mortgage you want details on. You’ll be able to see your interest rate, term details and more.