Scotiabank Mortgage Review 2025
Scotiabank: Our quick take
Scotiabank is one of Canada's largest mortgage lenders and offers home buyers many types of mortgages.
Who is a Scotiabank mortgage best for?
A Scotiabank mortgage is a potential fit for buyers with good credit who want to work with a well-known national bank.
Who's eligible for a Scotiabank mortgage?
To qualify for a prime mortgage with Scotiabank, as with any lender or brokerage, you’ll need to meet certain eligibility requirements. These include:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does Scotiabank offer?
Like all Big Six banks, Scotiabank has a mortgage for nearly every need:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation and second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
Scotiabank may not be a good fit if you need a bad credit mortgage. If you need a mortgage but have a low credit score, you'll want to see if B Lenders can help.
How do Scotiabank's mortgage rates compare?
Review of Scotiabank mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
LIMITED
Scotiabank doesn't share any special rates on its website. All other Big Six banks share at least a few.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Term length options
EXCELLENT
Scotiabank shares more than a dozen term lengths on its website.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
Scotiabank advertises the following terms on its website:
6 months
6 months (open)
1 year fixed
1 year fixed (open)
2 year fixed
3 year fixed
3 year variable
4 year fixed
5 year fixed
5 year variable
5 year variable (open)
7 year fixed
10 year fixed
Prepayment limit
EXCELLENT
Scotiabank's lump-sum prepayment maximum of 20% is tied for best among Big Six banks. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at Scotiabank
With its eHOME mortgage portal, Scotiabank offers fully online mortgage pre-approval and mortgage application processes — something the other Big Six banks have yet to roll out. If you would feel more comfortable dealing with a Scotiabank mortgage advisor instead, you can use Scotiabank's website to find a mortgage broker near you.
Expand to preview online application
Go to Scotiabank’s homepage and hover your mouse over the “Mortgages” tab.
Click on “Scotiabank eHOME” to be taken to the bank’s online mortgage portal.
You can scroll around the eHOME page to find more information about how it works, but most of the links will take you to the same place: a set of questions that determine whether you’re eligible to apply for a mortgage online with Scotiabank.
After agreeing to Scotiabank’s privacy agreement, you’ll be asked six yes-or-no questions related to you and your co-borrower, if you have one.
Once you’ve been deemed eligible for eHOME, you can sign in using your Scotiabank credentials.
If you’re not a Scotiabank customer, you’ll have to provide some personal information and a cellphone number so you can initiate your eHOME account. You’ll then create a username and password.
Once you’ve chosen the pre-approval option from the eHOME menu, you’ll begin an application process the bank estimates should take around 20 minutes.
1. Provide details about the home you intend to buy, including its estimated price and how much you've saved for a down payment. It’s alright if you don’t know all every detail at this stage.
2. Choose a rate type and term length so Scotiabank can provide a few customized rate offers. Choose the offer that looks good to you and you’ll have the option to lock it in for 120 days.
3. Review the details of your mortgage offer, including: prepayment privileges, porting possibilities and other features that can help you better manage your home loan.
4. Provide your employment and income details, including your employment type, industry, and how long you've worked there.
5. List your assets and debts, including whether you’re paying alimony, child support or private debt.
6. Read Scotiabank’s terms and conditions and consent to a credit check. The pre-approval process is complete!
<br>Once you reach the eHOME hub, chose the “Mortgage Application” option.
You’ll be asked to confirm your personal information and whether you’ll be applying with a co-applicant. Then you’ll begin the application process.
1. Provide details about the home you made an offer on, including the purchase price, down payment and closing date.
2. Choose a rate type and term length so Scotiabank can provide a few customized rate offers. Find an offer that looks good and you’ll have the option to lock it in for 90 days.
3. View the details of your mortgage offer, including prepayment privileges, porting possibilities and other features that can help you better manage your home loan.
At this stage, you’ll be shown details regarding the Scotia Total Equity Plan, an optional home equity line of credit. You don’t have to sign up for STEP to continue with your application.
4. Provide your employment and income details. If you’ve previously completed a pre-approval application, these details should already be filled in.
5. Declare your assets and debts.
6. Upload the documents Scotiabank requires to verify your application details. At this point, you only need your purchase of sale agreement, but you’ll eventually need to provide other financial statements and documents.
7. Read the terms and conditions related to your mortgage and consent to a credit check. Your mortgage application is complete!
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis
Clay Jarvis