If you're looking for a 5 year mortgage, but you also want the option of paying it off whenever you want, you might be interested in a Scotiabank open variable mortgage. Open variable mortgages generally have 5 year terms with flexible repayment options – offering you complete control over how and when you pay them off, but still at competitive mortgage rates...for a time.
The trick with variable mortgages, of course, is that if the prime rate goes up, your mortgage rate is also going to go up. If you don't really need the repayment flexibility, you're going to be better off getting a 5 year closed fixed rate mortgage and locking those low rates in for the full term of your mortgage.
Scotiabank open variable mortgage features
Why You Want It
Flexible prepay options + Get mortgage protection with 4 coverage types.
Provinces
ALL
Mortgage
Variable (Open)
5 Years
7.65%
Features
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
See Issuer for Details
Promotion Available
N/A
Promotion End Date
N/A
Scotiabank open variable mortgage product rating: 4.3 stars
The Scotiabank open variable mortgage offers a flexible 5 year term, but with a higher interest rate than you'll find with some other banks. You also have the flexibility to convert it to a fixed term product at any time, also with no additional prepayment penalties.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
Scotiabank open variable mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Open Variable Mortgage | nesto | Meridian Closed Fixed Mortgage | Tangerine Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Flexible prepay options + Get mortgage protection with 4 coverage types. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Get competitive mortgage rates + Flexible portability and prepayments. |
| Mortgage | Variable (Open)
| Fixed Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Variable Open | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more Scotiabank products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more Tangerine products Compare |
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Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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