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.
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.
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.
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